On behalf of the
Registrant and pursuant to Rule 497 under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the 497 filing,
dated July 1, 2013 to the prospectuses for the funds listed in Appendix A. The purpose of this filing is to submit the 497 dated July 1, 2013 in XBRL.

If you have any questions regarding this filing, please contact Benjamin Haskin of Willkie Farr & Gallagher LLP at (202) 303-1124 or me at (415) 670-7987.

Very truly yours,

/s/ Edward Baer

Edward Baer

cc: Benjamin Haskin, Esq.

Appendix A

iShares 0-5 Year TIPS Bond ETF

iShares 1-3 Year International Treasury Bond ETF

iShares Aaa - A Rated Corporate Bond ETF

iShares B - Ca Rated Corporate Bond ETF

iShares
Baa - Ba Rated Corporate Bond ETF

iShares CMBS ETF

iShares Core Short-Term U.S. Bond ETF

iShares Financials Bond ETF

iShares Floating Rate Bond ETF

iShares Global
Inflation-Linked Bond ETF

iShares GNMA Bond ETF

iShares Industrials Bond ETF

iShares International Inflation-Linked Bond ETF

iShares International Treasury Bond ETF

iShares
J.P. Morgan USD Emerging Markets Bond ETF

iShares TIPS Bond ETF

iShares U.S. Treasury Bond ETF

iShares Utilities Bond ETF

iSharesBond 2016 Corporate ex-Financials Term ETF

iSharesBond 2016 Corporate Term ETF

iSharesBond
2018 Corporate ex-Financials Term ETF

iSharesBond 2018 Corporate Term ETF

iSharesBond 2020 Corporate ex-Financials Term ETF

iSharesBond 2020 Corporate Term ETF

iSharesBond 2023 Corporate ex-Financials Term ETF

iSharesBond 2023 Corporate Term ETF

EX-101.INS
2
ist2-20130701.xml
XBRL INSTANCE DOCUMENT
00011006632012-07-022013-07-010001100663ist2:S000004363Member2012-07-022013-07-010001100663ist2:S000035914Member2012-07-022013-07-010001100663ist2:S000035914Memberist2:C000110079Member2012-07-022013-07-010001100663ist2:S000030481Member2012-07-022013-07-010001100663ist2:S000038926Member2012-07-022013-07-010001100663ist2:S000038926Memberist2:C000119711Member2012-07-022013-07-010001100663ist2:S000030481Memberist2:C000093655Member2012-07-022013-07-010001100663ist2:S000004363Memberist2:C000012093Member2012-07-022013-07-010001100663ist2:S000030319Member2012-07-022013-07-010001100663ist2:S000030319Memberist2:C000093296Member2012-07-022013-07-010001100663ist2:S000036775Member2012-07-022013-07-010001100663ist2:S000035920Member2012-07-022013-07-010001100663ist2:S000035917Member2012-07-022013-07-010001100663ist2:S000035916Member2012-07-022013-07-010001100663ist2:S000035916Memberist2:C000110081Member2012-07-022013-07-010001100663ist2:S000035921Member2012-07-022013-07-010001100663ist2:S000035915Member2012-07-022013-07-010001100663ist2:S000035921Memberist2:C000110088Member2012-07-022013-07-010001100663ist2:S000035915Memberist2:C000110080Member2012-07-022013-07-010001100663ist2:S000033136Member2012-07-022013-07-010001100663ist2:S000023615Member2012-07-022013-07-010001100663ist2:S000033136Memberist2:C000102031Member2012-07-022013-07-010001100663ist2:S000035919Member2012-07-022013-07-010001100663ist2:S000036775Memberist2:C000112473Member2012-07-022013-07-010001100663ist2:S000035920Memberist2:C000110087Member2012-07-022013-07-010001100663ist2:S000035917Memberist2:C000110082Member2012-07-022013-07-010001100663ist2:S000036774Member2012-07-022013-07-010001100663ist2:S000023615Memberist2:C000069478Member2012-07-022013-07-010001100663ist2:S000039661Member2012-07-022013-07-010001100663ist2:S000039610Memberist2:C000122190Member2012-07-022013-07-010001100663ist2:S000035919Memberist2:C000110086Member2012-07-022013-07-010001100663ist2:S000036774Memberist2:C000112472Member2012-07-022013-07-010001100663ist2:S000039610Member2012-07-022013-07-010001100663ist2:S000039661Memberist2:C000122831Member2012-07-022013-07-010001100663ist2:S000030318Member2012-07-022013-07-010001100663ist2:S000030318Memberist2:C000093295Member2012-07-022013-07-010001100663ist2:S000019798Member2012-07-022013-07-010001100663ist2:S000019798Memberist2:C000055529Member2012-07-022013-07-010001100663ist2:S000023614Member2012-07-022013-07-010001100663ist2:S000039663Member2012-07-022013-07-010001100663ist2:S000039663Memberist2:C000122833Member2012-07-022013-07-010001100663ist2:S000040346Member2012-07-022013-07-010001100663ist2:S000040347Member2012-07-022013-07-010001100663ist2:S000040345Member2012-07-022013-07-010001100663ist2:S000023614Memberist2:C000069477Member2012-07-022013-07-010001100663ist2:S000040344Member2012-07-022013-07-010001100663ist2:S000039662Memberist2:C000122832Member2012-07-022013-07-010001100663ist2:S000039662Member2012-07-022013-07-010001100663ist2:S000040345Memberist2:C000125274Member2012-07-022013-07-010001100663ist2:S000040344Memberist2:C000125273Member2012-07-022013-07-010001100663ist2:S000040347Memberist2:C000125276Member2012-07-022013-07-010001100663ist2:S000040346Memberist2:C000125275Member2012-07-022013-07-010001100663ist2:S000030481Memberrr:AfterTaxesOnDistributionsMemberist2:C000093655Member2012-07-022013-07-010001100663ist2:S000030481Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000093655Member2012-07-022013-07-010001100663ist2:S000030481Memberist2:BarclaysUsTreasuryInflationProtectedSecuritiesMember2012-07-022013-07-010001100663ist2:S000004363Memberrr:AfterTaxesOnDistributionsMemberist2:C000012093Member2012-07-022013-07-010001100663ist2:S000004363Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000012093Member2012-07-022013-07-010001100663ist2:S000004363Memberist2:BarclaysUsTreasuryInflationProtectedSecuritiesTipsIndexMember2012-07-022013-07-010001100663ist2:S000030319Memberrr:AfterTaxesOnDistributionsMemberist2:C000093296Member2012-07-022013-07-010001100663ist2:S000030319Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000093296Member2012-07-022013-07-010001100663ist2:S000030319Memberist2:BofAMerrillLynchGlobalDiversifiedInflationLinkedIndexMember2012-07-022013-07-010001100663ist2:S000023615Memberrr:AfterTaxesOnDistributionsMemberist2:C000069478Member2012-07-022013-07-010001100663ist2:S000023615Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000069478Member2012-07-022013-07-010001100663ist2:S000023615Memberist2:SandpCitigroupInternationalTreasuryBondIndexExusOnetothreeYearMember2012-07-022013-07-010001100663ist2:S000033136Memberrr:AfterTaxesOnDistributionsMemberist2:C000102031Member2012-07-022013-07-010001100663ist2:S000033136Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000102031Member2012-07-022013-07-010001100663ist2:S000033136Memberist2:BarclaysUsFloatingRateNoteLessThanFiveYearsIndexMemberist2:C000102031Member2012-07-022013-07-010001100663ist2:S000030318Memberrr:AfterTaxesOnDistributionsMemberist2:C000093295Member2012-07-022013-07-010001100663ist2:S000030318Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000093295Member2012-07-022013-07-010001100663ist2:S000030318Memberist2:BofaMerrillLynchGlobalExUsDiversifiedInflationLinkedIndexMember2012-07-022013-07-010001100663ist2:S000019798Memberrr:AfterTaxesOnDistributionsMemberist2:C000055529Member2012-07-022013-07-010001100663ist2:S000019798Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000055529Member2012-07-022013-07-010001100663ist2:S000019798Memberist2:JPMorganEmbismGlobalCoreIndexMember2012-07-022013-07-010001100663ist2:S000023614Memberrr:AfterTaxesOnDistributionsMemberist2:C000069477Member2012-07-022013-07-010001100663ist2:S000023614Memberrr:AfterTaxesOnDistributionsAndSalesMemberist2:C000069477Member2012-07-022013-07-010001100663ist2:S000023614Memberist2:SandPCitigroupInternationalTreasuryBondIndexExUsMember2012-07-022013-07-01pureiso4217:USDOther2013-07-01iSHARES TRUST0001100663false2013-07-012013-07-012013-07-01<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesTIPSBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesTIPSBondETF column period compact * ~</div><b>Investment Objective</b>The iShares TIPS Bond ETF (the &#8220; Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a<br/> percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index measures the performance of the inflation-protected public obligations of the U.S. Treasury, commonly known as &#8220;TIPS.&#8221; TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation &#8212; a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the consumer price index (&#8220;CPI&#8221;), and TIPS' principal payments are adjusted according to changes in the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. <br /><br /> The Underlying Index includes all publicly-issued U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment-grade and have $250 million or more of outstanding face value. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month. <br /><br /> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br /> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br /> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br /> The Fund generally invests at least 90% of its assets in the bonds of the Underlying Index and at least 95% of its assets in U.S. government bonds. The Fund may invest up to 10% of its assets in U.S. government bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. <br /><br /> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br /> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /> <b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks </b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Income Risk.</b> The Fund's income may decline due to a decline in inflation, deflation or changes in inflation expectations.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of bonds, even inflation-protected bonds, held by the Fund to decline.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br /><br /><b>U.S. Treasury Obligations Risk.</b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.<b>Performance Information </b>iSHARES<sup>&#174;</sup> CMBS ETF<br/>Ticker: CMBS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaThe bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Investment Objective</b>The iShares CMBS ETF (the &#8220; Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. CMBS (ERISA Only) Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Year by Year Returns (Years Ended December 31) </b><b>Portfolio Turnover.</b>The best calendar quarter return during the periods shown above was 5.63% in the 1st quarter of 2009; the worst was -3.62% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.<b>Principal Investment Strategies</b><b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b>The Underlying Index measures the performance of investment-grade commercial mortgage-backed securities (&#8220;CMBS&#8221;), which are classes of securities (known as &#8220;certificates&#8221;) that represent interests in &#8220;pools&#8221; of commercial mortgages. The Underlying Index includes only CMBS that are Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;) eligible under the underwriter&#8217;s exemption, which will deem ERISA eligible the certificates with the first priority of principal repayment, as long as certain conditions are met, including the requirement that the certificates be rated in one of the three highest rating categories by Fitch, Inc., Moody's Investors Service, Inc. or Standard &amp; Poor&#8217;s Ratings Services.<br/><br/>The Underlying Index includes investment-grade CMBS that are ERISA eligible with $300 million or more of aggregate outstanding transaction size. In addition, the original aggregate transaction must be $500 million or more and the tranche size must be $25 million or more. CMBS certificates must have an expected life of at least one year and must be either fixed-rate or subject to an interest rate cap equal to the weighted average coupon of the underlying asset pool. Excluded from the Underlying Index are non-ERISA eligible securities, agency transactions and privately-issued securities, including those which may be resold in accordance with Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). The securities in the Underlying Index are updated on the last calendar day of each month.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Commercial Mortgage-Backed Securities Risk.</b> CMBS may not be backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgage. CMBS issued by non-government entities may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS react differently to changes in interest rates than other bonds and the prices of CMBS may reflect adverse economic and market conditions. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of CMBS.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Prepayment Risk.</b> During periods of falling interest rates, an issuer of mortgages and other securities may be able to repay principal prior to the security&#8217;s maturity, causing the Fund to have to reinvest in securities with a lower yield, resulting in a decline in the Fund&#8217;s income.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.2680141318You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.www.iShares.comAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.1-800-iShares (1-800-474-2737) (toll free)<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.iSHARES<sup>&#174;</sup> 0-5 YEAR TIPS BOND ETF<br/>Ticker: STIP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>The iShares 0-5 Year TIPS Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.iSHARES<sup>&#174;</sup> CORE SHORT-TERM U.S. BOND ETF<br/>Ticker: ISTB&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Principal Investment Strategies</b><b>Investment Objective </b>The Underlying Index measures the performance of the inflation-protected public obligations of the U.S. Treasury that have a remaining maturity of less than five years. Inflation-protected public obligations of the U.S. Treasury, commonly known as &#8220;TIPS,&#8221; are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation &#8212; a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the consumer price index (&#8220;CPI&#8221;), and TIPS' principal payments are adjusted according to changes in the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds.<br/><br />The Underlying Index includes all publicly-issued U.S. Treasury inflation-protected securities that have less than five years remaining to maturity, are rated investment-grade and have $250 million or more of outstanding face value. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and have a notional coupon that is fixed-rate or zero. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 90% of its assets in the bonds of the Underlying Index and at least 95% of its assets in U.S. government bonds. The Fund may invest up to 10% of its assets in U.S. government bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. The Fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates.<br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The iShares Core Short-Term U.S. Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Government/Credit 1-5 Year Bond Index (the &#8220; Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Summary of Principal Risks</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Income Risk.</b> The Fund's income may decline due to a decline in inflation, deflation or changes in inflation expectations.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of bonds, even inflation-protected bonds, held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br /><br /><b>U.S. Treasury Obligations Risk.</b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the periods shown above was 2.20% in the 1st quarter of 2011; the worst was -0.36% in the 2nd quarter of 2012.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.1-800-iShares (1-800-474-2737) (toll free)www.iShares.comPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Example. </b>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.1239best2011-03-31<b>Portfolio Turnover.</b>worst2012-06-30The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, October 18, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 0% of the average value of its portfolio.<b>Principal Investment Strategies</b>2064113255<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCMBSETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCMBSETF column period compact * ~</div>
The Underlying Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds (i.e., U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local authority debt) and investment-grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. As of September 30, 2012, there were 2,602 issues in the Underlying Index. Components primarily include agency and treasury securities, and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/> Currently, the Underlying Index includes bonds that are rated investment-grade and that have greater than or equal to one year and less than five years remaining to maturity and have $250 million or more of outstanding face value. An investment-grade rating means the security or issuer is rated Baa3 or above by Moody&#8217;s Investors Service, Inc., or BBB- or above by Standard &amp; Poor&#8217;s Ratings Services and Fitch, Inc., or is unrated but considered to be of equivalent quality by BFA. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. Excluded from the Underlying Index are certain special issues such as flower bonds, targeted investor notes, state and local government series bonds and coupon issues that have been stripped. Also excluded from the Underlying Index are structured notes with embedded swaps or other special features, private placements, floating-rate securities and bonds denominated in euros. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month.<br/><br/> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/> The Fund generally invests at least 90% of its assets in the securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>2010-12-012064113255As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Agency Debt Risk.</b> The Fund invests in uncollateralized bonds or debentures issued by government agencies, including the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;). Bonds or debentures issued by government agencies are generally backed only by the general creditworthiness and reputation of the government agency issuing the bond or debenture and are not backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk. </b>To the extent that the Fund's investments are concentrated in a particular sovereign entity or entities, in a particular country, group of countries, region, market, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that sovereign and quasi-sovereign entity or entities, in a particular country, group of countries, region, market, sector or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<br/><br/><b>U.S. Treasury Obligations Risk.</b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.<b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreShortTermUSBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreShort-TermU.S.BondETF column period compact * ~</div>
iSHARES<sup>&#174;</sup> GLOBAL INFLATION-LINKED BOND ETF<br/>Ticker: GTIP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>The iShares Global Inflation-Linked Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of The BofA Merrill Lynch Global Diversified Inflation-Linked Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:best2009-03-31worst<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>2008-12-31<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesTIPSBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesTIPSBondETFBarChart column period compact * ~</div>
iSHARES<sup>&#174;</sup> TIPS BOND ETF<br/>Ticker: TIP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca41128224505<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index is a broad, market value weighted, capped total return index designed to measure the performance of inflation-linked sovereign debt that is publicly-issued and denominated in the issuer&#8217;s own domestic market and currency.<br/><br/>The Underlying Index includes debt issued by countries that (a) have at least $2 billion outstanding face value in index qualifying debt at initial inclusion and maintain at least $1 billion outstanding face value in index qualifying debt; (b) have not defaulted on any of their sovereign debt (including non-inflation-linked debt and debt that is not payable in the issuer&#8217;s local currency) within ten years of the Underlying Index's annual review date; and (c) are not included on the U.S. Department of State&#8217;s list of state sponsors of terrorism as of the Underlying Index's annual review date. For purposes of inclusion in the Underlying Index, euro member countries are considered collectively with respect to the country size requirements but individually with respect to the default requirement and the U.S. Department of State&#8217;s list of state sponsors of terrorism requirement.<br/><br/>The list of countries included in the Underlying Index as of September 30, 2012, is as follows: Australia, Brazil, Canada, Chile, France, Germany, Israel, Italy, Japan, Mexico, Poland, South Africa, South Korea, Sweden, Turkey, the United Kingdom and the United States.<br/><br/>The Underlying Index is rebalanced monthly on the last calendar day of the month based on information available up to and including the third business day before the last business day of the month.<br/><br/>With the exception of the U.S. Treasury, no issuer can represent greater than a 22.5% share of the Underlying Index. In addition, no more than 48% of the Underlying Index can be comprised of issuers other than the U.S. Treasury that individually represent a 5% or greater share of the Underlying Index. Finally, all issuers that represent less than a 5% share of the Underlying Index are capped at 4.55%. These caps are imposed at each month-end rebalancing date. Adjustments to a given country&#8217;s weight are applied proportionately to all of its constituent securities. In between rebalancing dates, issuer weights are allowed to float above the caps.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 80% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;BofA Merrill Lynch&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. In addition, while the Fund's investments have terms designed to provide a degree of inflation protection in the currencies in which they are denominated, fluctuation in the value of those currencies against the U.S. dollar may reduce or eliminate the value of any inflation protection provided by the Fund's investments in U.S. dollar terms.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br/><br/><b>Income Risk.</b> The Fund's income may decline due to a decline in inflation, deflation or changes in inflation expectations.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br/><br/><b>Inflation-Indexed Bonds Risk.</b> The principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund's investments in inflation-indexed bonds. In addition, to the extent that the currency used to calculate the Fund's NAV is different from the currencies of the underlying inflation-indexed bonds held by the Fund, changes in foreign exchange rates may negate the impact of any adjustments to interest rates payable on inflation-indexed bonds when the Fund's NAV is calculated.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>North American Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its trading partners, the Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Risk of Investing in the United Kingdom.</b> Investments in British issuers may subject the Fund to regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. The British economy, along with certain other European Union (&#8220;EU&#8221;) economies, experienced a significant economic slowdown during the recent financial crisis; certain British financial institutions were severely under-capitalized and required government intervention to survive.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Sovereign Obligations Risk.</b> The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<br/><br/><b>U.S. Treasury Obligations Risk.</b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Year Ended December 31)</b>The best calendar quarter return during the period shown above was 3.53% in the 3rd quarter of 2012; the worst was -0.81% in the 2nd quarter of 2012.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediShares0-5YearTIPSBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiShares0-5YearTIPSBondETFBarChart column period compact * ~</div>
2011-05-18<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediShares0-5YearTIPSBondETF column period compact * ~</div>
2003-12-04<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediShares05YearTIPSBondETF column period compact * ~</div>
Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBaa-BaRatedCorporateBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesFinancialsBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesIndustrialsBondETF column period compact * ~</div>After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<b>Investment Objective</b>Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Fees and Expenses</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<b>Example. </b><b>Portfolio Turnover.</b><b>Principal Investment Strategies</b><b>Summary of Principal Risks</b><b>Performance Information</b>The iShares Aaa - A Rated Corporate Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Corporate Aaa - A Capped Index (the &#8220; Underlying Index&#8221;).bestThe following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:2012-09-30worst2012-06-30iSHARES<sup>&#174</sup> Aaa - A RATED CORPORATE BOND ETF<br/>Ticker: QLTA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca1-800-iShares (1-800-474-2737) (toll free)www.iShares.comThe bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:15<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.4885192The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 5% of the average value of its portfolio.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:iSHARES<sup>&#174</sup> UTILITIES BOND ETF<br/>Ticker: AMPS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaThe Underlying Index is a subset of the Barclays U.S. Corporate Index, which measures the performance of the Aaa &#8211; A rated range of the fixed-rate, U.S. dollar-denominated taxable, corporate bond market. The Underlying Index is market capitalization-weighted with a 3% cap on any one issuer and a pro rata distribution of any excess weight across the remaining issuers in the Underlying Index. <br /><br />The Underlying Index includes U.S. dollar-denominated securities publicly-issued by U.S. and non-U.S. industrials, utility and financial corporate issuers, with maturities of one year or more, that have $500 million or more of outstanding face value. Each corporate bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221; ), with registration rights. In addition, only securities rated A3 by Moody's Investors Service, Inc. (&#8220;Moody's&#8221;) or higher (or the equivalent on another rating agency's scale) will be included in the Underlying Index. When ratings from each of Fitch, Inc., Moody&#8217;s and Standard &amp; Poor&#8217;s Ratings Services are available, the median rating is used to determine eligibility. When ratings from only two of these agencies are available, that lower rating is used to determine eligibility. When a rating from only one of these agencies is available, that rating is used to determine eligibility. The securities in the Underlying Index are updated on the last calendar day of each month. <br /><br /> The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 23.58% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries: Australia, Canada, Chile, France, Germany, Israel, Japan, Mexico, the Netherlands, Sweden, Switzerland and the United Kingdom. Components primarily include financial, industrials and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesGlobalInflationLinkedBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesGlobalInflation-LinkedBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesGlobalInflation-LinkedBondETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesGlobalInflation-LinkedBondETF column period compact * ~</div>
<b>Investment Objective</b>The iShares Utilities Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Utility Bond Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>iSHARES<sup>&#174;</sup> GNMA BOND ETF<br/>Ticker: GNMA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ<b>Investment Objective</b>The iShares GNMA Bond ETF (the &#8220; Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. GNMA Bond Index (the &#8220;Underlying Index&#8221;).<b>Example.</b><b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflects the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses will be included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;). As of December 11, 2012, BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to Acquired Fund Fees and Expenses attributable to the Fund's investment in other registered investment companies through December 31, 2015. The contractual waiver may be terminated prior to December 31, 2015 only upon written agreement of the Trust and BFA.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 1,253% of the average value of its portfolio.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Principal Investment Strategies</b>The Underlying Index is a market capitalization-weighted index that measures the performance of mortgage-backed pass-through securities issued by the Government National Mortgage Association (&#8220;GNMA&#8221; or &#8220;Ginnie Mae&#8221;).<br/><br/>The Underlying Index includes fixed-rate mortgage pass-through securities issued by GNMA that have 30- or 15-year maturities. All securities in the Underlying Index must have a weighted average maturity of at least one year and have $250 million or more of outstanding face value. The securities in the Underlying Index are updated on the last calendar day of each month.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. However, the Fund may at times invest up to 20% of its assets in cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in mortgage-backed pass-through securities issued by GNMA and treasury bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>Most transactions in mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement (&#8220;to-be-announced (TBA) transactions&#8221;). The Fund may enter into such contracts for fixed-rate pass-through securities on a regular basis. The Fund, pending settlement of such contracts, will invest the relevant assets in liquid, short-term instruments, including shares of money market funds advised by BFA or its affiliates. The Fund will assume its pro rata share of the fees and expenses of any money market fund that it may invest in, in addition to the Fund's own fees and expenses. The Fund may also acquire interests in mortgage pools through means other than such standardized contracts for future delivery.<br/><br/>The Fund&#8217;s investments in mortgage pass-through securities (including transactions occurring through TBAs) will be limited to GNMA issuances.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's NAV, trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>GNMA Mortgage-Backed Securities Risk.</b> Mortgage-backed securities (&#8220;MBS&#8221;) represent interests in &#8220;pools&#8221; of mortgages and are subject to credit, interest rate, prepayment and extension risk. MBS react differently to changes in interest rates than other bonds and the prices of MBS may reflect adverse economic and market conditions. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss.<br/><br/><b>High Portfolio Turnover Risk.</b> The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (higher than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<b>Performance Information</b>As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Credit Risk. </b>The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>. <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS. <br /><br /><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.31269716982159381385You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:iSHARES<sup>&#174;</sup> FLOATING RATE BOND ETF<br/>Ticker: FLOT&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The iShares Floating Rate Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays US Floating Rate Note &lt; 5 Years Index (the &#8220;Underlying Index&#8221;).As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 8% of the average value of its portfolio.<b>Principal Investment Strategies</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesAaaARatedCorporateBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesAaa-ARatedCorporateBondETF column period compact * ~</div>
<b>Example. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediShares1-3YearInternationalTreasuryBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediShares1-3YearInternationalTreasuryBondETF column period compact * ~</div>20The Underlying Index measures the performance of U.S. dollar-denominated publicly-issued investment-grade corporate bonds in the utilities sector.<br/><br/>The Underlying Index includes investment-grade corporate bonds publicly-issued by U.S. and non-U.S. issuers in the U.S. bond market with maturities of one year or more and with $250 million or more of outstanding face value. Each corporate bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), with registration rights. In addition, securities in the Underlying Index must be fixed-rate and non-convertible. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month.<br/><br/>The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 5.79% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries: Canada, Chile, France, Spain and the United Kingdom.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.64113<b>Summary of Principal Risks</b>255December 31, 2015You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The expense information in the table has been restated, as of the Fund&#8217;s most recent fiscal year end, to reflect current fees.Acquired Fund Fees and Expenses are not used to calculate the Fund's net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index measures the performance of U.S. dollar-denominated, investment-grade floating rate notes. Securities in the Underlying Index have a remaining maturity of greater than or equal to one month and less than five years, and have $300 million or more of outstanding face value. Components primarily include financial institutions and industrials companies and agency securities. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br/><br/> The Underlying Index consists of debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month London Interbank Offer Rate (&#8220;LIBOR&#8221;), with a fixed spread. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month. The Underlying Index may include U.S. registered, dollar-denominated bonds of non-U.S. corporations, governments and supranational entities.<br/><br/> BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/> Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/> The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/> The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/> The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Performance Information</b><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesU.S.TreasuryBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBaaBaRatedCorporateBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesFinancialsBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesGNMABondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesGNMABondETF column period compact * ~</div>
iSHARES<sup>&#174;</sup> Baa - Ba RATED<br/>CORPORATE BOND ETF<br/>Ticker: QLTB&nbsp;&nbsp;&nbsp;&nbsp;&nbspStock Exchange: BATSiSHARES<sup>&#174;</sup> FINANCIALS BOND ETF<br/>Ticker: MONY&nbsp;&nbsp;&nbsp;&nbsp;&nbspStock Exchange: NYSE ArcaiSHARES<sup>&#174;</sup> INDUSTRIALS BOND ETF<br/>Ticker: ENGN&nbsp;&nbsp;&nbsp;&nbsp;&nbspStock Exchange: NYSE Arca<b>Investment Objective</b><b>Investment Objective</b><b>Investment Objective</b>The iShares Baa - Ba Rated Corporate Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Corporate Baa - Ba Capped Index (the &#8220; Underlying Index&#8221;).The iShares Financials Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Financial Institutions Capped Bond Index (the &#8220;Underlying Index&#8221;).The iShares Industrials Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Industrial Bond Index (the &#8220;Underlying Index&#8221; ).<b>Fees and Expenses</b><b>Fees and Expenses</b><b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<br/><br/><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:3131The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Investment Objective </b>The iShares U.S. Treasury Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Treasury Bond Index (the &#8220;Underlying Index&#8221; ).<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Fees and Expenses </b>iSHARES<sup>&#174;</sup> 1-3 YEAR INTERNATIONAL<br/>TREASURY BOND ETF<br/>Ticker: ISHG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQThe following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Investment Objective</b>97<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>The iShares 1-3 Year International Treasury Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P/Citigroup International Treasury Bond Index Ex-US 1-3 Year (the &#8220;Underlying Index&#8221;).<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>97<b>Fees and Expenses</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Example. </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 10% of the average value of its portfolio.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example. </b><b>Principal Investment Strategies </b>169This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The Underlying Index is a market capitalization-weighted index that measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of one year or more.<br/><br/>The Underlying Index includes publicly-issued U.S. Treasury securities that have a remaining maturity of one year or more and have $250 million or more of outstanding face value. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. Excluded from the Underlying Index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. The securities in the Underlying Index are updated on the last calendar day of each month.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/> BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Example. </b><b>Portfolio Turnover.</b>169<b>Summary of Principal Risks</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 100% of the average value of its portfolio.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br/><br/><b>U.S. Treasury Obligations Risk.</b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.<b>Portfolio Turnover.</b><b>Principal Investment Strategies</b><b>Performance Information </b>31The Underlying Index is a broad, diverse, market value-weighted index designed to measure the performance of bonds denominated in local currencies and issued by foreign governments in developed market countries outside the United States that have a remaining maturity of greater than one year and less than or equal to three years. The methodology is designed to balance the weighting of each country within the Underlying Index by limiting the weightings of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding. To be eligible for inclusion in the Underlying Index, the issuing country must be a &#8220;Developed Country&#8221; as classified by the Bank for International Settlements.<br /><br />As of September 30, 2012, the Underlying Index included securities issued by governments in the following 18 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 80% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br /><br />The Underlying Index is a product of an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is S&amp;P Dow Jones LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Summary of Principal Risks</b><b>Example. </b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV.<br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>European Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its trading partners, the Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk </b>and <b>U.S. Economic Risk</b>.<br /><br /><b>Risk of Investing in Japan.</b> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis.<br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br /><br /><b>Sovereign Obligations Risk.</b> The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.<br /><br /><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br /><br /><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.381<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b><b>Portfolio Turnover.</b>The best calendar quarter return during the periods shown above was 9.96% in the 3rd quarter of 2010; the worst was -4.94% in the 2nd quarter of 2010.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).381The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 18% of the average value of its portfolio.<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b>97<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, April 24, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.169The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, February 14, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Principal Investment Strategies</b>381<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Principal Investment Strategies</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Agency Debt Risk.</b> The Fund invests in uncollateralized bonds or debentures issued by government agencies, including the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;) and the Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;). Bonds or debentures issued by government agencies are generally backed only by the general creditworthiness and reputation of the government agency issuing the bond or debenture and are not backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Floating Rate Notes Risk.</b> Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates. Although floating rate notes are less sensitive to interest rate risk than fixed rate securities, they are subject to credit and default risk, which could impair their value.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because most of the debt instruments held by the Fund will have floating or variable interest rates.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>European Economic Risk</b> and <b>North American Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.1-800-iShares (1-800-474-2737) (toll free)The Underlying Index measures the performance of U.S. dollar-denominated publicly-issued investment-grade corporate bonds in the financial sector. The Underlying Index is market capitalization-weighted with a 5% cap on any one issuer and a pro rata distribution of any excess weight across the remaining issuers in the Underlying Index. <br /><br />The Underlying Index includes investment-grade corporate bonds publicly-issued by U.S. and non-U.S. issuers in the U.S. bond market with maturities of one year or more and with $250 million or more of outstanding face value. Each corporate bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), with registration rights. In addition, securities in the Underlying Index must be fixed-rate and non-convertible. The securities in the Underlying Index are updated on the last calendar day of each month. <br /><br />The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 18.70% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries: Australia, Bermuda, Brazil, Canada, Chile, Colombia, France, Germany, Japan, the Netherlands, Peru, Spain, Sweden, Switzerland and the United Kingdom. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.iSHARES<sup>&#174</sup> B - Ca RATED CORPORATE BOND ETF<br/>Ticker: QLTC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: BATSwww.iShares.com<b>Investment Objective</b><b>Principal Investment Strategies</b>The Underlying Index, a subset of the Barclays U.S. Corporate Index and Barclays U.S. Corporate High Yield Index, measures the performance of the taxable Baa1 &#8211; Ba3 rated fixed-rate U.S. dollar-denominated corporate bond market. The Underlying Index is market capitalization-weighted and caps individual issuers at 3% of the Underlying Index&#8217;s total market value. <br /><br />The universe of securities that are eligible for inclusion in the Underlying Index includes U.S. dollar-denominated taxable fixed-rate securities with maturities of one year or more and $500 million or more of outstanding face value issued by U.S. and non-U.S. domiciled financial, industrials and utility corporations. In addition, only securities rated between Baa1 and Ba3 by Moody's Investors Service, Inc. (&#8220;Moody's&#8221;) (or the equivalent on another rating agency&#8217;s scale) by Fitch, Inc. (&#8220;Fitch&#8221;), or Standard &amp; Poor&#8217;s Ratings Services, after dropping the highest and lowest available ratings, will be included in the Underlying Index. <br /><br />When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. When a rating from only one of these agencies is available, that rating is used to determine eligibility. A portion of the Underlying Index is comprised of bonds that are rated below investment-grade and therefore are considered to be of lesser credit worthiness than bonds that possess higher ratings. The Underlying Index is rebalanced on the last business day of each month. <br /><br />Securities eligible for inclusion in the Underlying Index must be registered with the SEC, have been exempt from registration at the time of issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with or, in the case of bonds rated below Baa3 by Moody's (or the equivalent on another rating agency's scale), without registration rights. <br /><br />Senior and subordinated issues are included in the Underlying Index. <br /><br />The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 17.42% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries or regions: Australia, Belgium, Bermuda, Brazil, Canada, China, Colombia, Denmark, Finland, France, Germany, Hong Kong, Italy, Japan, Luxembourg, Mexico, the Netherlands, Peru, Portugal, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland and the United Kingdom. Components primarily include financial, industrials and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. However, the Fund may at times invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index or bonds initially offered pursuant to Regulation S of the 1933 Act, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<b>Fees and Expenses</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The Underlying Index measures the performance of U.S. dollar-denominated publicly-issued investment-grade U.S. corporate bonds in the industrials sector. <br /><br />The Underlying Index includes investment-grade corporate bonds publicly-issued by U.S. and non-U.S. issuers in the U.S. bond market with maturities of one year or more and with $250 million or more of outstanding face value. Each corporate bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;), with registration rights. In addition, securities in the Underlying Index must be fixed-rate and non-convertible. The Underlying Index is market capitalization-weighted. The securities in the Underlying Index are updated on the last calendar day of each month. <br /><br />The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 20.55% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries: Australia, Belgium, Brazil, Canada, Chile, France, Germany, Greece, Israel, Italy, Japan, Luxembourg, Mexico, the Netherlands, South Africa, South Korea, Spain, Sweden, Switzerland and the United Kingdom. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 90% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<b>Summary of Principal Risks</b><b>Summary of Principal Risks</b><b>Summary of Principal Risks</b>bestAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.2010-09-30As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>High Yield Securities Risk.</b> Securities that are rated below investment grade (commonly referred to as &#8220;junk bonds,&#8221; including those bonds rated lower than &#8220;BBB-&#8221; by Standard &amp; Poor's Ratings Services and Fitch, or &#8220;Baa3&#8221; by Moody's), or are unrated, may be deemed speculative and more volatile than higher-rated securities of similar maturity. <br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>.<br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS. <br /><br /><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.worst<b>Example. </b><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.2010-06-30<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<b>Performance Information</b><b>Portfolio Turnover.</b><b>Performance Information</b><b>Principal Investment Strategies</b><b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Summary of Principal Risks</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Year Ended December 31)</b>The iShares B - Ca Rated Corporate Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Corporate B - Ca Capped Index (the &#8220; Underlying Index&#8221;).You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The best calendar quarter return during the period shown above was 2.09% in the 1st quarter of 2012; the worst was 0.34% in the 2nd quarter of 2012.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b>iSHARESBOND<sup>TM</sup> 2016 CORPORATE EX-FINANCIALS TERM ETF<br/>Ticker: IBCB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca32<b>Investment Objective</b>1548As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.8536This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:11319256197443176307<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesUtilitiesBondETF column period compact * ~</div>
689The iSharesBond<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"> </sup>2016 Corporate ex-Financials Term ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2016 Maturity High Quality Corporate Index (the &#8220;Underlying Index&#8221;). The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesUtilitiesBondETF column period compact * ~</div>
The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. From inception, April 24, 2012, to the most recent fiscal year end, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.<b>Fees and Expenses</b>2009-01-21The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesUSTreasuryBondETF column period compact * ~</div>
This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:iSHARESBOND<sup>TM</sup> 2018 CORPORATE EX-FINANCIALS TERM ETF <br/>Ticker: IBCC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b><b>Fees and Expenses</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b><b>Portfolio Turnover.</b><b>Principal Investment Strategies</b><b>Performance Information</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediShares13YearInternationalTreasuryBondETF column period compact * ~</div>
The iSharesBond<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"> </sup>2018 Corporate ex-Financials Term ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2018 Maturity High Quality Corporate Index (the &#8220;Underlying Index&#8221;). The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiShares1-3YearInternationalTreasuryBondETFBarChart column period compact * ~</div>
The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses</b><br/><b>(ongoing expenses that you pay each year as a</b><br/><b>percentage of the value of your investments)</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<b>Summary of Principal Risks</b>The Underlying Index, a subset of the Barclays U.S. Corporate High Yield Index, measures the performance of the taxable B1 &#8211; Ca rated range of the fixed-rate U.S. dollar-denominated corporate bond market. The Underlying Index is market capitalization-weighted and caps individual issuers at 3% of the Underlying Index&#8217;s total market value. <br /><br />The universe of securities that are eligible for inclusion in the Underlying Index includes U.S. dollar-denominated taxable fixed-rate securities with maturities of one year or more and $500 million or more of outstanding face value issued by U.S. and non-U.S. domiciled financial, industrials and utility corporations. In addition, only securities rated between B1 and Ca by Moody's Investors Service, Inc. (&#8220;Moody's&#8221;) (or the equivalent on another rating agency&#8217;s scale) using the middle rating of Fitch, Inc. (&#8220;Fitch&#8221;), Moody&#8217;s or Standard &amp; Poor&#8217;s Ratings Services after dropping the highest and lowest available ratings, will be included in the Underlying Index. When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. When a rating from only one of these agencies is available, that rating is used to determine eligibility. The entire Underlying Index is comprised of bonds rated between B1 and Ca by Moody's (or the equivalent on another rating agency's scale), which are the lowest ratings available outside of bonds in default, placing those securities on the low end of the credit worthiness scale. The Underlying Index is rebalanced on the last business day of each month. <br /><br />Securities eligible for inclusion in the Underlying Index must be registered with the SEC, have been exempt from registration at the time of issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with or without registration rights. <br /><br />Senior and subordinated issues are included in the Underlying Index. <br /><br />The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. As of September 30, 2012, 12.50% of the Underlying Index was composed of bonds issued by non-U.S. issuers from the following countries or regions: Bermuda, Canada, China, Germany, Ireland, Italy, Luxembourg, the Netherlands, Poland, Spain, the United Arab Emirates and the United Kingdom. Components primarily include financial, industrials and utilities companies. The components of the Underlying Index, and the degree to which these components represent certain industries, may change over time.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. However, the Fund may at times invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in bonds not included in the Underlying Index or bonds initially offered pursuant to Regulation S of the 1933 Act, but which BFA believes will help the Fund track the Underlying Index. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The Fund is a term fund that will terminate on or about March 31, 2018, at which time it will distribute its remaining net assets to shareholders. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds, scheduled to mature after March 31, 2017 and before April 1, 2018, and excludes financial issuers. Components primarily include industrials companies and utilities companies. The components of the Underlying Index, and the degree to which the components represent certain industries, may change over time.<br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The Fund&#8217;s investment in non-U.S. corporate issuers initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;) with registration rights. In addition, only securities rated Baa3 or higher by Moody&#8217;s<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">&#174;</sup> Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;) will be included in the Underlying Index. The lowest rating from Moody&#8217;s, Standard &amp; Poor&#8217;s Ratings Services or Fitch is used to determine eligibility. When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies are excluded from the Underlying Index.<br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of financial issuers, stripped of securities maturing outside of the maturity range as defined above, and divided into two subsets by rating. One subset contains Aaa - A3 rated bonds, and the other contains Baa1 - Baa3 rated bonds. Securities are then market-cap weighted within each subset, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the subset. The two subsets are then combined in a proportion required to achieve an initial weighted average rating of approximately A2. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2018. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade by any of the three ratings agencies. Additionally, during this period existing bond weights will be allowed to float based on changes in market value and the average weighted rating previously described will not apply. If bond ratings change during this time, weights will not be adjusted, which means that the average credit quality may change over time as bond ratings change and securities are added to and removed from the Underlying Index. During the final two years of the Underlying Index, bonds which are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such issues reach maturity.<br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. By March 31, 2018, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index, except during the last months of the Fund&#8217;s operations, as described below, the Fund's assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including money market funds affiliated with BFA), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2018, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:2011-06-141032<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.iSHARES<sup>&#174;</sup> U.S. TREASURY BOND ETF<br/>Ticker: GOVT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Principal Investment Strategies</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class. <br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Extension Risk. </b>During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /><b>Financial Sector Risk.</b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /><b>High Yield Securities Risk.</b> Securities that are rated below investment grade (commonly referred to as &#8220;junk bonds,&#8221; including those bonds rated lower than &#8220;BBB-&#8221; by Standard &amp; Poor's Ratings Services and Fitch, or &#8220;Baa3&#8221; by Moody's), or are unrated, may be deemed speculative and more volatile than higher-rated securities of similar maturity. <br /><br /><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk</b>. <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS. <br /><br /><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors. <br /><br /><b>Valuation Risk. </b>The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesFloatingRateBondETF column period compact * ~</div>
As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that region, country, market, industry or asset class. <br /><br /> <b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /> <b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /> <b>Declining Yield Risk.</b> During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. <br /><br /> <b>Fluctuation of Yield and Liquidation Amount Risk.</b> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund's existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund's portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund's termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes. <br /><br /> <b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund's income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents. <br /><br /> <b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /> <b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /> <b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /> <b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /> <b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /> <b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /> <b>Non-U.S. Issuers Risk.</b> The Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. <br /><br /> <b>North American Economic Risk.</b> The Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure. <br /><br /> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /> <b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b> <br /><br /> <b>U.S. Economic Risk.</b> The United States is a significant country in which the Fund invests, and a significant trading partner of countries in which the Fund invests. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund invests. <br /><br /> <b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors. <br /><br /> <b>Valuation Risk.</b> Because the bond market may be open on days when the Fund does not price its shares, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesIndustrialsBondETF column period compact * ~</div>
<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:bestAs with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.2012-03-31As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.worst<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.2012-06-30<b>Summary of Principal Risks </b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The Fund is a term fund that will terminate on or about March 31, 2016, at which time it will distribute its remaining net assets to shareholders. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds, scheduled to mature after March 31, 2015 and before April 1, 2016, and excludes financial issuers. Components primarily include industrials companies and utilities companies. The components of the Underlying Index, and the degree to which the components represent certain industries, may change over time. <br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The Fund&#8217;s investment in non-U.S. corporate issuers initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;) with registration rights. In addition, only securities rated Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;) will be included in the Underlying Index. The lowest rating from Moody&#8217;s, Standard &amp; Poor&#8217;s Ratings Services or Fitch is used to determine eligibility. When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies are excluded from the Underlying Index. <br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of financial issuers, stripped of securities maturing outside of the maturity range as defined above, and divided into two subsets by rating. One subset contains Aaa - A3 rated bonds, and the other contains Baa1 - Baa3 rated bonds. Securities are then market-cap weighted within each subset, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the subset. The two subsets are then combined in a proportion required to achieve an initial weighted average rating of approximately A2. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2016. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade by any of the three ratings agencies. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value, and the average weighted rating previously described will not apply. If bond ratings change during this time, weights will not be adjusted, which means that the average credit quality may change over time as bond ratings change and securities are added to and removed from the Underlying Index. During the final two years of the Underlying Index, bonds that are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such issues reach maturity. <br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. By March 31, 2016, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index. <br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index, except during the last months of the Fund&#8217;s operations (as described below) the Fund's assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including money market funds affiliated with BFA), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2016, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). <br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:iSHARES<sup>&#174;</sup> INTERNATIONAL INFLATION-LINKED BOND ETF<br/>Ticker: ITIP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The iShares International Inflation-Linked Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of The BofA Merrill Lynch Global ex-US Diversified Inflation-Linked Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBCaRatedCorporateBondETF column period compact * ~</div>
The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesB-CaRatedCorporateBondETF column period compact * ~</div>
<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.1-800-iShares (1-800-474-2737) (toll free)10www.iShares.comPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).<b>Example.</b>Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:41128224505<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.<b>Principal Investment Strategies</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2018CorporateexFinancialsTermETF column period compact * ~</div>
The Underlying Index is a broad, market value weighted, capped total return index designed to measure the performance of inflation-linked sovereign debt that is publicly-issued and denominated in the issuer&#8217;s own domestic market and currency.<br/><br/>The Underlying Index includes debt issued by countries, excluding the United States that (a) have at least $2 billion outstanding face value in index qualifying debt at initial inclusion and maintain at least $1 billion outstanding face value in index qualifying debt; (b) have not defaulted on any of their sovereign debt (including non-inflation-linked debt and debt that is not payable in the issuer&#8217;s local currency) within ten years of the Underlying Index's annual review date; and (c) are not included on the U.S. Department of State&#8217;s list of state sponsors of terrorism as of the Underlying Index's annual review date. For purposes of inclusion in the Underlying Index, euro member countries are considered collectively with respect to the country size requirements but individually with respect to the default requirement and the U.S. Department of State&#8217;s list of state sponsors of terrorism requirement.<br/><br/>The list of countries included in the Underlying Index as of September 30, 2012, is as follows: Australia, Brazil, Canada, Chile, France, Germany, Israel, Italy, Japan, Mexico, Poland, South Africa, South Korea, Sweden, Turkey and the United Kingdom.<br/><br/>The Underlying Index is rebalanced monthly on the last calendar day of the month based on information available up to and including the third business day before the last business day of the month.<br/><br/>No issuer can represent greater than a 22.5% share of the Underlying Index. In addition, no more than 48% of the Underlying Index can be comprised of issuers that individually represent a 5% or greater share of the Underlying Index. Finally, all issuers that represent less than a 5% share of the Underlying Index are capped at 4.55%. These caps are imposed at each month-end rebalancing date. Adjustments to a given country&#8217;s weight are applied proportionately to all of its constituent securities. In between rebalancing dates, issuer weights are allowed to float above the caps.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 80% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;BofA Merrill Lynch&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.<b>Summary of Principal Risks</b><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2018CorporateexFinancialsTermETF column period compact * ~</div>
iSHARES<sup>&#174</sup> J.P. MORGAN USD EMERGING <br/>MARKETS BOND ETF<br/>Ticker: EMB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective </b>The iShares J.P. Morgan USD Emerging Markets Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the J.P. Morgan EMBI<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">SM</sup> Global Core Index (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. In addition, while the Fund's investments have terms designed to provide a degree of inflation protection in the currencies in which they are denominated, fluctuation in the value of those currencies against the U.S. dollar may reduce or eliminate the value of any inflation protection provided by the Fund's investments in U.S. dollar terms.<br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br/><br/><b>Income Risk.</b> The Fund's income may decline due to a decline in inflation, deflation or changes in inflation expectations.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Inflation-Indexed Bonds Risk.</b> The principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund's investments in inflation-indexed bonds. In addition, to the extent that the currency used to calculate the Fund's NAV is different from the currencies of the underlying inflation-indexed bonds held by the Fund, changes in foreign exchange rates may negate the impact of any adjustments to interest rates payable on inflation-indexed bonds when the Fund's NAV is calculated.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>European Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its trading partners, the Fund is specifically exposed to <b>European Economic Risk</b> and <b>U.S. Economic Risk</b>.<br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Sovereign Obligations Risk.</b> The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that region, country, market, industry or asset class. <br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /><b>Declining Yield Risk.</b> During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. <br /><br /><b>Fluctuation of Yield and Liquidation Amount Risk.</b> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund's existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund's portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund's termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes. <br /><br /><b>Income Risk. </b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund's income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br/><br/><b>Index-Related Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /><b>Non-U.S. Issuers Risk. </b>The Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. <br /><br /><b>North American Economic Risk.</b> The Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure. <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Privately-Issued Securities Risk. </b>The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /><b>Securities Lending Risk. </b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b> <br /><br /><b>U.S. Economic Risk.</b> The United States is a significant country in which the Fund invests, and a significant trading partner of countries in which the Fund invests. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund invests. <br /><br /><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors. <br /><br /><b>Valuation Risk.</b> Because the bond market may be open on days when the Fund does not price its shares, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesFloatingRateBondETF column period compact * ~</div>
<b>Performance Information</b><b>Example.</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesFloatingRateBondETFBarChart column period compact * ~</div>
<b>Year by Year Returns (Year Ended December 31)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesFloatingRateBondETF column period compact * ~</div>
This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:61As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.192335750The best calendar quarter return during the period shown above was 6.06% in the 1st quarter of 2012; the worst was -2.28% in the 2nd quarter of 2012.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b><b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.<b>Principal Investment Strategies </b>2011-05-18<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesInternationalTreasuryBondETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesInternationalTreasuryBondETF column period compact * ~</div>iSHARESBOND<sup>TM</sup> 2023 CORPORATE EX-FINANCIALS TERM ETF<br/>Ticker: IBCE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b>The iSharesBond 2023 Corporate ex-Financials Term ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2023 Maturity High Quality Corporate Index (the &#8220;Underlying Index&#8221;). The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.<b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.<b>Principal Investment Strategies</b>The Fund is a term fund that will terminate on or about March 31, 2023, at which time it will distribute its remaining net assets to shareholders. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds, scheduled to mature after March 31, 2022 and before April 1, 2023, and excludes financial issuers. Components primarily include industrials companies and utilities companies. The components of the Underlying Index, and the degree to which the components represent certain industries, may change over time.<br/><br/>The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The Fund&#8217;s investment in non-U.S. corporate issuers initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;) with registration rights. In addition, only securities rated Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;) will be included in the Underlying Index. The lowest rating from Moody&#8217;s, Standard &amp; Poor&#8217;s Ratings Services or Fitch is used to determine eligibility. When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies are excluded from the Underlying Index.<br/><br/>The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of financial issuers, stripped of securities maturing outside of the maturity range as defined above, and divided into two subsets by rating. One subset contains Aaa - A3 rated bonds, and the other contains Baa1 - Baa3 rated bonds. Securities are then market-cap weighted within each subset, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the subset. The two subsets are then combined in a proportion required to achieve an initial weighted average rating of approximately A2. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2023. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade by any of the three ratings agencies. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value and the average weighted rating previously described will not apply. If bond ratings change during this time, weights will not be adjusted, which means that the average credit quality may change over time as bond ratings change and securities are added to and removed from the Underlying Index. During the final two years of the Underlying Index, bonds that are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such issues reach maturity.<br/><br/>When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. By March 31, 2023, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 80% of its assets in the securities of its Underlying Index, except during the last months of the Fund&#8217;s operations (as described below) the Fund's assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including money market funds affiliated with BFA), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2023, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Declining Yield Risk.</b> During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market.<br/><br/><b>Fluctuation of Yield and Liquidation Amount Risk.</b> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund's existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund's portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund's termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.<br/><br/><b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund's income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> The Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.<br/><br/><b>North American Economic Risk.</b> The Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b><br/><br/><b>U.S. Economic Risk.</b> The United States is a significant country in which the Fund invests, and a significant trading partner of countries in which the Fund invests. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund invests.<br/><br/><b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<br/><br/><b>Valuation Risk.</b> Because the bond market may be open on days when the Fund does not price its shares, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.<b>Performance Information</b>As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.The Underlying Index is a broad, diverse U.S. dollar-denominated emerging markets debt benchmark which tracks the total return of actively traded external debt instruments in emerging market countries. The methodology is designed to distribute the weight of each country within the Underlying Index by limiting the weights of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding.<br/><br/>As of September 30, 2012, the Underlying Index consisted of the following 35 countries: Argentina, Belarus, Brazil, Bulgaria, Chile, China, Colombia, Croatia, the Dominican Republic, Egypt, El Salvador, Hungary, Indonesia, Iraq, the Ivory Coast, Kazakhstan, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Panama, Peru, the Philippines, Poland, Romania, Russia, Serbia, South Africa, Sri Lanka, Turkey, the Ukraine, Uruguay, Venezuela and Vietnam. As of September 30, 2012, the Underlying Index&#8217;s five highest weighted countries were Brazil, Russia, Turkey, Mexico and the Philippines.<br/><br/>The Underlying Index may change its composition and weighting monthly upon rebalancing. The Underlying Index includes both fixed-rate and floating-rate instruments issued by sovereign and quasi-sovereign entities from index-eligible countries. Quasi-sovereign entities are entities whose securities are either 100% owned by their respective governments or subject to a 100% guarantee that does not rise to the level of constituting the full faith and credit by such governments. Only those instruments which (i) are denominated in U.S. dollars, (ii) have a current face amount outstanding of $1 billion or more, (iii) have at least two years until maturity, (iv) are able to settle internationally through Euroclear or another institution domiciled outside the issuing country, and (v) have bid and offer prices that are available on a daily and timely basis &#8212; either from an inter-dealer broker or J.P. Morgan Securities LLC &#8212; are considered for inclusion in the Underlying Index. As of September 30, 2012, the Underlying Index consisted of both investment-grade and non-investment-grade bonds. Convertible bonds are not eligible for inclusion in the Underlying Index. The Underlying Index is market value weighted and is rebalanced monthly on the last business day of the month.<br/><br/>BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br/><br/>Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br/><br/>BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br/><br/>The Fund generally invests at least 90% of its assets in the securities of the Underlying Index. However, the Fund may at times invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br/><br/>The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br/><br/>The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is JPMorgan Chase &amp; Co. (&#8220;J.P. Morgan&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.10<b>Summary of Principal Risks</b>32You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2020CorporateTermETF column period compact * ~</div><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2023CorporateTermETF column period compact * ~</div><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2023CorporateexFinancialsTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2023Corporateex-FinancialsTermETF column period compact * ~</div>
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2016CorporateexFinancialsTermETF column period compact * ~</div>
1-800-iShares (1-800-474-2737) (toll free)<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2016Corporateex-FinancialsTermETF column period compact * ~</div>
www.iShares.com2012-03-31worst2012-06-30As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.<br/><br/><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br/><br/><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Extension Risk.</b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments.<br/><br/><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br/><br/><b>High Yield Securities Risk.</b> Securities that are rated below investment grade (commonly referred to as &#8220;junk bonds,&#8221; including those bonds rated lower than &#8220;BBB-&#8221; by Standard &amp; Poor's Ratings Services and Fitch, Inc. (&#8220;Fitch&#8221;) or &#8220;Baa3&#8221; by Moody's Investors Service, Inc. (&#8220;Moody's&#8221;)), or are unrated, may be deemed speculative and more volatile than higher-rated securities of similar maturity.<br/><br/><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br/><br/><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br/><br/><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>Central and South American Economic Risk</b>.<br/><br/><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its trading partners, the Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk</b> and <b>U.S. Economic Risk.</b><br/><br/><b>Risk of Investing in Emerging Markets.</b> The Fund's investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.<br/><br/><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br/><br/><b>Sovereign and Quasi-Sovereign Obligations Risk.</b> The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments and by entities affiliated with or backed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.<br/><br/><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<br/><br/><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.bestAfter-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.<b>Performance Information</b>Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.iSHARES<sup>&#174;</sup> INTERNATIONAL TREASURY BOND ETF<br/>Ticker: IGOV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NASDAQ<b>Investment Objective</b>The iShares International Treasury Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P/Citigroup International Treasury Bond Index Ex-US (the &#8220;Underlying Index&#8221;).<b>Fees and Expenses</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example. </b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b>The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 48% of the average value of its portfolio.<b>Principal Investment Strategies</b>The Underlying Index is a broad, diverse, market value-weighted index designed to measure the performance of bonds denominated in local currencies and issued by foreign governments in developed market countries outside the United States. The index methodology is designed to balance the weighting of each country within the Underlying Index by limiting the weightings of countries with higher debt outstanding and reallocating this excess to countries with lower debt outstanding. To be eligible for inclusion in the Underlying Index, the issuing country must be a &#8220;Developed Country&#8221; as classified by the Bank for International Settlements.<br /><br />As of September 30, 2012, the Underlying Index included securities issued by governments in the following 18 countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The Underlying Index includes bonds having a remaining maturity greater than one year.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 80% of its assets in the securities of the Underlying Index and in investments that provide substantially similar exposure to the securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.<br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br /><br />The Underlying Index is a product of an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is S&amp;P Dow Jones LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Year by Year Returns (Years Ended December 31)</b>iSHARESBOND<sup>TM</sup> 2018 CORPORATE TERM ETF <br/>Ticker: IBDB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b><b>Fees and Expenses</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example. </b><b>Portfolio Turnover.</b><b>Principal Investment Strategies</b>The best calendar quarter return during the periods shown above was 11.04% in the 2nd quarter of 2009; the worst was -5.80% in the 4th quarter of 2008.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesInternationalInflation-LinkedBondETF column period compact * ~</div>
<b>Summary of Principal Risks</b><b>Performance Information</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesInternationalInflation-LinkedBondETFBarChart column period compact * ~</div>
<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesInternationalInflation-LinkedBondETF column period compact * ~</div>
The iSharesBond 2018 Corporate Term ETF (the &#8220;Fund&#8221;) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2017 and before April 1, 2018.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220; NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular issuer, region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, region, country, market, industry or asset class.<br /><br /><b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Currency Risk.</b> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall NAV.<br /><br /><b>Geographic Risk.</b> A natural or other disaster could occur in a geographic region in which the Fund invests.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results.<br /><br /><b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br/><br /><b>Non-Diversification Risk.</b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>Asian Economic Risk</b> and <b>European Economic Risk</b>. <br /><br /><b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its trading partners, the Fund is specifically exposed to <b>Asian Economic Risk</b>, <b>European Economic Risk </b>and <b>U.S. Economic Risk.</b><br /><br /><b>Risk of Investing in Japan.</b> The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanoes, typhoons and tsunamis.<br /><br /><b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Security Risk.</b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country's or region's security may cause uncertainty in these markets and may adversely affect their economies and the Fund's investments.<br /><br /><b>Sovereign Obligations Risk.</b> The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.<br /><br /><b>Structural Risk.</b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.<br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX EXCHANGE-TRADED FUNDS. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS. <br /><br /><b>Valuation Risk.</b> The sale price the Fund could receive for a security may differ from the Fund's valuation of the security&#8201;and may differ from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.<b>Performance Information</b>The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund's prospectus (the &#8220;Prospectus&#8221;).<b>Year by Year Returns (Years Ended December 31)</b>The best calendar quarter return during the periods shown above was 11.41% in the 3rd quarter of 2010; the worst was -4.21% in the 2nd quarter of 2010.<br/><br/>Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).<b>Average Annual Total Returns<br/>(for the periods ended December 31, 2012)</b>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b>The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.1-800-iShares (1-800-474-2737) (toll free)www.iShares.comAfter-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.best2010-09-30worst2010-06-30<b>Investment Objective </b>The iSharesBond 2016 Corporate Term ETF (the &#8220;Fund&#8221;) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2015 and before April 1, 2016.<b>Fees and Expenses </b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. The Fund will also pay Acquired Fund Fees and Expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year. The impact of Acquired Fund Fees and Expenses will be included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus. <br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b>This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. Fund expenses (and any applicable waivers) are calculated only through March 31, 2016 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover. </b>The Fund and the other funds in which the Fund invests (&#8220;Underlying Funds&#8221;) may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate for the Fund or Underlying Funds may indicate higher transaction costs and cause the Fund or Underlying Funds to incur increased expenses. These expenses, which are not reflected in Annual Fund Operating Expenses or in the Example (except costs to Underlying Funds included as part of Acquired Fund Fees and Expenses), affect the Fund&#8217;s performance. To the extent an Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative effect on the performance of the Fund.<b>Principal Investment Strategies </b>The Fund seeks its investment objective by investing in the securities of one or more Underlying Funds that themselves seek investment results corresponding to their own underlying indexes and individual securities which satisfy the criteria of the Barclays 2016 Maturity Corporate Index (the &#8220;Underlying Index&#8221;). The Fund invests in a combination of individual fixed-income securities and Underlying Funds (primarily consisting of other iShares funds) and may also invest in other exchange-traded funds (&#8220;ETFs&#8221;), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (&#8220;BlackRock Cash Funds&#8221;).<br /><br />The Fund is a term fund that will terminate on or about March 31, 2016, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds scheduled to mature after March 31, 2015 and before April 1, 2016.<br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Underlying Index initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with registration rights. In addition, to be included in the index, securities that are rated by all three of the rating agencies below must be rated &#8220;investment grade&#8221; by at least two of the agencies, as defined as Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;). When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies must be rated investment grade or are excluded from the Underlying Index.<br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of the maturity range defined above. Securities are then market-cap weighted within the index, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the index. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2016. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade per the eligibility criteria described above. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value. During the final two years of the Underlying Index, bonds which are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such bonds reach maturity.<br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, either directly, or through its holdings of the Underlying Funds, causing the Fund to incur the fees and expenses of these funds. By March 31, 2016, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index.<br /><br />As of its inception date, the Fund intends to initially invest in the following Underlying Fund: iSharesBond 2016 Corporate ex-Financials Term ETF.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund or the Underlying Funds that are affiliated with BFA. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund or an Underlying Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index through holding shares of one or more Underlying Funds and direct investments in securities, except during the last months of the Fund&#8217;s operations (as described below) the Fund&#8217;s assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including BlackRock Cash Funds), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2016, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation.<br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received).<br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. or its affiliates (&#8220;Barclays&#8221;).<br /><br /><b>Industry Concentration Policy. </b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks </b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b>Asset Class Risk. </b>Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund or an Underlying Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund or an Underlying Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income.<br/><br/><b>Concentration Risk. </b>To the extent that the Fund&#8217;s or an Underlying Fund&#8217;s investments are concentrated in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that country, group of countries, region, market, industry, group of industries, sector or asset class.<br/><br/><b>Credit Risk. </b>The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br/><br/><b>Custody Risk. </b>Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br/><br/><b>Declining Yield Risk. </b>During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund or an Underlying Fund and lower than prevailing yields for bonds in the market.<br/><br/><b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b>Fluctuation of Yield and Liquidation Amount Risk. </b>The Fund and the Underlying Funds, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund and Underlying Funds distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#8217;s existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#8217;s and the Underlying Funds&#8217; portfolio, which will result in the Fund and Underlying Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund and Underlying Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund&#8217;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.<br/><br/><b>Income Risk. </b>The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund or Underlying Funds must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund&#8217;s income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br/><br/><b>Index-Related Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br/><br/><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b>Interest Rate Risk. </b>An increase in interest rates may cause the value of fixed-income securities held by the Fund or an Underlying Fund to decline.<br/><br/><b>Investment in Underlying Funds Risk. </b>The Fund will invest a substantial portion of its assets in one or more Underlying Funds, so the Fund&#8217;s investment performance is directly related to the performance of the Underlying Funds. The Fund&#8217;s NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying Funds. <br /><br /> As the Underlying Funds, or the Fund&#8217;s allocations among the Underlying Funds, change from time to time, or to the extent that the expense ratio of any Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease. <br /><br /> The Fund and Underlying Funds are specifically exposed to <b>Management Risk</b>, <b>Market Risk</b>, <b>Market Trading Risk</b>, <b>Passive Investment Risk</b>, <b>Tracking Error Risk </b>and <b>Valuation Risk</b>.<br/><br/><b>Issuer Risk</b><b>.</b> Fund performance depends on the performance of individual securities to which the Fund or an Underlying Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b>Liquidity Risk</b><b>.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund or an Underlying Fund may be unable to transact at advantageous times or prices.<br/><br/><b>Management Risk</b><b>. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br/><br/><b>Market Risk</b><b>.</b> The Fund and Underlying Funds could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br/><br/><b>Market Trading Risk</b><b>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b>Model Risk</b><b>.</b> Neither the Fund nor BFA can offer assurances that the Underlying Index&#8217;s allocation model will maximize returns or minimize risk, or be appropriate for every investor seeking a particular risk profile.<br/><br/><b>Non-Diversification Risk</b><b>.</b> The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br/><br/><b>Non-U.S. Issuers Risk. </b>The Fund or an Underlying Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non- U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.<br/><br/><b>North American Economic Risk. </b>The Fund or an Underlying Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure.<br/><br/><b>Passive Investment Risk</b><b>.</b> The Fund and Underlying Funds are not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/><b>Privately-Issued Securities Risk. </b>The Fund or Underlying Funds will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br/><br/><b>Reinvestment Risk</b><b>.</b> The Fund or an Underlying Fund that invests in short-term fixed-income instruments may be adversely affected if interest rates fall because it may invest in lower yielding bonds as bonds in the portfolio mature.<br/><br/><b>Reliance on Trading Partners Risk.</b> The Fund or an Underlying Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments.<br/><br/><b>Securities Lending Risk. </b>The Fund or the Underlying Funds may engage in securities lending. Securities lending involves the risk that the Fund or an Underlying Fund may lose money because the borrower of the Fund&#8217;s or Underlying Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund or an Underlying Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<b> BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER</b><b> TRACKING ERROR THAN IS TYPICAL</b><b> FOR SIMILAR INDEX ETFs. BFA</b><b> EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b><br /><br /><b>U.S. Economic Risk</b><b>.</b> The United States is a significant country in which the Fund or the Underlying Funds invest, and a significant trading partner of countries in which the Fund or the Underlying Funds invest. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund or the Underlying Funds invest.<br/><br/><b>Utilities Sector Risk. </b>The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<br/><br/><b>Valuation Risk. </b>Because the bond market may be open on days when the Fund or an Underlying Fund does not price its shares, the value of the securities in the Fund&#8217;s or an Underlying Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.<b>Performance Information </b>As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.2007-12-1736113197<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesInternationalInflationLinkedBondETF column period compact * ~</div>
44332<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2020Corporateex-FinancialsTermETF column period compact * ~</div>2009-01-21iSHARESBOND<sup>TM</sup> 2020 CORPORATE EX-FINANCIALS TERM ETF<br/>Ticker: IBCD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE Arca<b>Investment Objective</b><b>Fees and Expenses</b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b><b>Example.</b><b>Portfolio Turnover.</b><b>Principal Investment Strategies</b><b>Summary of Principal Risks</b><b>Performance Information</b>The iSharesBond<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top"> </sup>2020 Corporate ex-Financials Term ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2020 Maturity High Quality Corporate Index (the &#8220;Underlying Index&#8221;). The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220; Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. The Fund will also pay Acquired Fund Fees and Expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year. The impact of Acquired Fund Fees and Expenses will be included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<br/><br/> You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:The Fund and the other funds in which the Fund invests (&#8220;Underlying Funds&#8221;) may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate for the Fund or Underlying Funds may indicate higher transaction costs and cause the Fund or Underlying Funds to incur increased expenses. These expenses, which are not reflected in Annual Fund Operating Expenses or in the Example (except costs to Underlying Funds included as part of Acquired Fund Fees and Expenses), affect the Fund&#8217;s performance. To the extent an Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative effect on the performance of the Fund.The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.103210<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesInternationalTreasuryBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesInternationalTreasuryBondETFBarChart column period compact * ~</div>
The Fund seeks its investment objective by investing in the securities of one or more Underlying Funds that themselves seek investment results corresponding to their own underlying indexes and individual securities which satisfy the criteria of the Barclays 2018 Maturity Corporate Index (the &#8220;Underlying Index&#8221;). The Fund invests in a combination of individual fixed-income securities and Underlying Funds (primarily consisting of other iShares funds) and may also invest in other exchange-traded funds (&#8220;ETFs&#8221;), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (&#8220;BlackRock Cash Funds&#8221;). <br /><br />The Fund is a term fund that will terminate on or about March 31, 2018, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds scheduled to mature after March 31, 2017 and before April 1, 2018. <br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Underlying Index initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with registration rights. In addition, to be included in the index, securities that are rated by all three of the rating agencies below must be rated &#8220;investment grade&#8221; by at least two of the agencies, as defined as Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;). When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies must be rated investment grade or are excluded from the Underlying Index. <br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of the maturity range defined above. Securities are then market-cap weighted within the index, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the index. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2018. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade per the eligibility criteria described above. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value. During the final two years of the Underlying Index, bonds which are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such bonds reach maturity. <br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, either directly, or through its holdings of the Underlying Funds, causing the Fund to incur the fees and expenses of these funds. By March 31, 2018, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index. <br /><br />As of its inception date, the Fund intends to initially invest in the following Underlying Fund: iSharesBond 2018 Corporate ex-Financials Term ETF. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund or the Underlying Funds that are affiliated with BFA. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund or an Underlying Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index through holding shares of one or more Underlying Funds and direct investments in securities, except during the last months of the Fund&#8217;s operations (as described below) the Fund&#8217;s assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including BlackRock Cash Funds), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2018, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. or its affiliates (&#8220;Barclays&#8221;).<br /><br /><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:The Fund is a term fund that will terminate on or about March 31, 2020, at which time it will distribute its remaining net assets to shareholders. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds, scheduled to mature after March 31, 2019 and before April 1, 2020, and excludes financial issuers. Components primarily include industrials companies and utilities companies. The components of the Underlying Index, and the degree to which the components represent certain industries, may change over time. <br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The Fund&#8217;s investment in non-U.S. corporate issuers initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;) with registration rights. In addition, only securities rated Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;) will be included in the Underlying Index. The lowest rating from Moody&#8217;s, Standard &amp; Poor&#8217;s Ratings Services or Fitch is used to determine eligibility. When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies are excluded from the Underlying Index.<br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of financial issuers, stripped of securities maturing outside of the maturity range as defined above, and divided into two subsets by rating. One subset contains Aaa - A3 rated bonds, and the other contains Baa1 - Baa3 rated bonds. Securities are then market-cap weighted within each subset, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the subset. The two subsets are then combined in a proportion required to achieve an initial weighted average rating of approximately A2. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2020. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade by any of the three ratings agencies. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value, and the average weighted rating previously described will not apply. If bond ratings change during this time, weights will not be adjusted, which means that the average credit quality may change over time as bond ratings change and securities are added to and removed from the Underlying Index. During the final two years of the Underlying Index, bonds that are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such issues reach maturity.<br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, causing the Fund to incur the fees and expenses of these funds. By March 31, 2020, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index.<br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.<br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies.<br /><br />BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index.<br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index, except during the last months of the Fund&#8217;s operations (as described below) the Fund's assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including money market funds affiliated with BFA), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2020, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of the collateral received).<br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.March 31, 2016<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:<b>Non-Diversification Risk</b><b>.</b> The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<b>Industry Concentration Policy. </b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.1-800-iShares (1-800-474-2737) (toll free)www.iShares.comPast performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.10best302009-06-30worst2008-12-31After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /> <b>Asset Class Risk.</b> Securities in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b>Call Risk.</b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income. <br /><br /> <b>Concentration Risk.</b> To the extent that the Fund's investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that region, country, market, industry or asset class. <br /><br /> <b>Credit Risk.</b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /> <b>Custody Risk.</b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /> <b>Declining Yield Risk.</b> During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market. <br /><br /> <b>Fluctuation of Yield and Liquidation Amount Risk.</b> The Fund, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund's existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund's portfolio, which will result in the Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund's termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes. <br /><br /> <b>Income Risk.</b> The Fund's income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund's income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents. <br /><br /> <b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders. <br /><br /> <b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /> <b>Interest Rate Risk.</b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /> <b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b>Liquidity Risk.</b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /> <b>Management Risk.</b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA's investment management strategy may not produce the intended results. <br /><br /> <b>Market Risk.</b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers. <br /><br /> <b>Non-U.S. Issuers Risk.</b> The Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. <br /><br /> <b>North American Economic Risk.</b> The Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure. <br /><br /> <b>Passive Investment Risk.</b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b>Privately-Issued Securities Risk.</b> The Fund will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. <br /><br /> <b>Reliance on Trading Partners Risk.</b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. <br /><br /> <b>Securities Lending Risk.</b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund's loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b> <br /><br /> <b>U.S. Economic Risk.</b> The United States is a significant country in which the Fund invests, and a significant trading partner of countries in which the Fund invests. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund invests. <br /><br /> <b>Utilities Sector Risk.</b> The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors. <br /><br /> <b>Valuation Risk.</b> Because the bond market may be open on days when the Fund does not price its shares, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As of the date of the Fund's prospectus (the &#8220;Prospectus&#8221;), the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2020CorporateexFinancialsTermETF column period compact * ~</div>
Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesJPMorganUSDEmergingMarketsBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesJ.P.MorganUSDEmergingMarketsBondETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2016CorporateTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2016CorporateTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesJ.P.MorganUSDEmergingMarketsBondETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesJ.P.MorganUSDEmergingMarketsBondETF column period compact * ~</div>
As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk. </b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund or an Underlying Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund or an Underlying Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income.<br /><br /><b>Concentration Risk. </b>To the extent that the Fund&#8217;s or an Underlying Fund&#8217;s investments are concentrated in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that country, group of countries, region, market, industry, group of industries, sector or asset class.<br /><br /><b>Credit Risk</b>. The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Custody Risk. </b>Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br /><br /> <b>Declining Yield Risk. </b>During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund or an Underlying Fund and lower than prevailing yields for bonds in the market.<br /><br /> <b>Financial Sector Risk</b>. Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Fluctuation of Yield and Liquidation Amount Risk</b>. The Fund and the Underlying Funds, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund and Underlying Funds distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#8217;s existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#8217;s and the Underlying Funds&#8217; portfolio, which will result in the Fund and Underlying Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund and Underlying Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund&#8217;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.<br /><br /> <b>Income Risk. </b>The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund or Underlying Funds must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund&#8217;s income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br /><br /><b>Interest Rate Risk. </b>An increase in interest rates may cause the value of fixed-income securities held by the Fund or an Underlying Fund to decline.<br /><br /><b>Investment in Underlying Funds Risk. </b>The Fund will invest a substantial portion of its assets in one or more Underlying Funds, so the Fund&#8217;s investment performance is directly related to the performance of the Underlying Funds. The Fund&#8217;s NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying Funds. <br /><br />As the Underlying Funds, or the Fund&#8217;s allocations among the Underlying Funds, change from time to time, or to the extent that the expense ratio of any Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease. <br /><br />The Fund and Underlying Funds are specifically exposed to <b>Management Risk</b>, <b>Market Risk</b>, <b>Market Trading Risk</b>, <b>Passive Investment Risk</b>, <b>Tracking Error Risk </b>and <b>Valuation Risk</b>. <br /><br /><b>Issuer Risk. </b>Fund performance depends on the performance of individual securities to which the Fund or an Underlying Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Liquidity Risk. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund or an Underlying Fund may be unable to transact at advantageous times or prices.<br /><br /> <b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br /><br /> <b>Market Risk. </b>The Fund and Underlying Funds could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk. </b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Model Risk. </b>Neither the Fund nor BFA can offer assurances that the Underlying Index&#8217;s allocation model will maximize returns or minimize risk, or be appropriate for every investor seeking a particular risk profile.<br /><br /><b>Non-Diversification Risk. </b>The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br /><br /> <b>Non-U.S. Issuers Risk. </b>The Fund or an Underlying Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.<br /><br /> <b>North American Economic Risk. </b>The Fund or an Underlying Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure.<br /><br /><b>Passive Investment Risk. </b>The Fund and Underlying Funds are not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Privately-Issued Securities Risk. </b>The Fund or Underlying Funds will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br /><br /><b>Reinvestment Risk. </b>The Fund or an Underlying Fund that invests in short-term fixed-income instruments may be adversely affected if interest rates fall because it may invest in lower yielding bonds as bonds in the portfolio mature.<br /><br /><b>Reliance on Trading Partners Risk. </b>The Fund or an Underlying Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments.<br /><br /> <b>Securities Lending Risk. </b>The Fund or the Underlying Funds may engage in securities lending. Securities lending involves the risk that the Fund or an Underlying Fund may lose money because the borrower of the Fund&#8217;s or Underlying Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund or an Underlying Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<b> BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b><br /><br /><b>U.S. Economic Risk. </b>The United States is a significant country in which the Fund or the Underlying Funds invest, and a significant trading partner of countries in which the Fund or the Underlying Funds invest. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund or the Underlying Funds invest.<br /><br /><b>Utilities Sector Risk. </b>The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<br /><br /><b>Valuation Risk. </b>Because the bond market may be open on days when the Fund or an Underlying Fund does not price its shares, the value of the securities in the Fund&#8217;s or an Underlying Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.iSHARESBOND<sup>TM</sup> 2016 CORPORATE<br/>TERM ETF <br/>Ticker: IBDA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Exchange: NYSE ArcaMarch 31, 2018You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year.Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.<b>Non-Diversification Risk.</b> The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2018CorporateTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesBond2018CorporateTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2020CorporateTermETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesBond2023CorporateTermETF column period compact * ~</div>
iSHARESBOND<sup>TM</sup> 2020 CORPORATE<br/>TERM ETF<br/>Ticker: IBDC&nbsp;&nbsp;&nbsp;&nbsp;&nbspStock Exchange: NYSE ArcaiSHARESBOND<sup>TM </sup>2023 CORPORATE<br/>TERM ETF<br/>Ticker: IBDD&nbsp;&nbsp;&nbsp;&nbsp;&nbspStock Exchange: NYSE Arca<b>Investment Objective</b><b>Investment Objective</b>The iSharesBond 2020 Corporate Term ETF (the &#8220;Fund&#8221;) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2019 and before April 1, 2020.The iSharesBond 2023 Corporate Term ETF (the &#8220;Fund&#8221;) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds maturing after March 31, 2022 and before April 1, 2023.<b>Fees and Expenses</b><b>Fees and Expenses</b>The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. The Fund will also pay Acquired Fund Fees and Expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year. The impact of Acquired Fund Fees and Expenses will be included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. The Fund will also pay Acquired Fund Fees and Expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s pro rata share of the fees and expenses incurred by investing in other investment companies. As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year. The impact of Acquired Fund Fees and Expenses will be included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<br/><br/>You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the Example that follows:As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year.As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year.Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.March 31, 202010<b>Example. </b><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a<br/>percentage of the value of your investments)</b>10This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:32March 31, 202332<b>Portfolio Turnover.</b><b>Example. </b>The Fund and the other funds in which the Fund invests (&#8220;Underlying Funds&#8221;) may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate for the Fund or Underlying Funds may indicate higher transaction costs and cause the Fund or Underlying Funds to incur increased expenses. These expenses, which are not reflected in Annual Fund Operating Expenses or in the Example (except costs to Underlying Funds included as part of Acquired Fund Fees and Expenses), affect the Fund&#8217;s performance. To the extent an Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative effect on the performance of the Fund.This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover.</b><b>Principal Investment Strategies</b>The Fund and the other funds in which the Fund invests (&#8220;Underlying Funds&#8221;) may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate for the Fund or Underlying Funds may indicate higher transaction costs and cause the Fund or Underlying Funds to incur increased expenses. These expenses, which are not reflected in Annual Fund Operating Expenses or in the Example (except costs to Underlying Funds included as part of Acquired Fund Fees and Expenses), affect the Fund&#8217;s performance. To the extent an Underlying Fund incurs costs from high portfolio turnover, such costs may have a negative effect on the performance of the Fund.The Fund seeks its investment objective by investing in the securities of one or more Underlying Funds that themselves seek investment results corresponding to their own underlying indexes and individual securities which satisfy the criteria of the Barclays 2020 Maturity Corporate Index (the &#8220;Underlying Index&#8221;). The Fund invests in a combination of individual fixed-income securities and Underlying Funds (primarily consisting of other iShares funds) and may also invest in other exchange-traded funds (&#8220;ETFs&#8221;), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (&#8220;BlackRock Cash Funds&#8221;). <br /><br />The Fund is a term fund that will terminate on or about March 31, 2020, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds scheduled to mature after March 31, 2019 and before April 1, 2020. <br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Underlying Index initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with registration rights. In addition, to be included in the index, securities that are rated by all three of the rating agencies below must be rated &#8220;investment grade&#8221; by at least two of the agencies, as defined as Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;). When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies must be rated investment grade or are excluded from the Underlying Index. <br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of the maturity range defined above. Securities are then market-cap weighted within the index, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the index. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2020. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade per the eligibility criteria described above. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value. During the final two years of the Underlying Index, bonds which are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such bonds reach maturity. <br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, either directly, or through its holdings of the Underlying Funds, causing the Fund to incur the fees and expenses of these funds. By March 31, 2020, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index. <br /><br />As of its inception date, the Fund intends to initially invest in the following Underlying Fund: iSharesBond 2020 Corporate ex-Financials Term ETF. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund or the Underlying Funds that are affiliated with BFA. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund or an Underlying Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index through holding shares of one or more Underlying Funds and direct investments in securities, except during the last months of the Fund&#8217;s operations (as described below) the Fund&#8217;s assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including BlackRock Cash Funds), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2020, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. or its affiliates (&#8220;Barclays&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Principal Investment Strategies</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.The Fund seeks its investment objective by investing in the securities of one or more Underlying Funds that themselves seek investment results corresponding to their own underlying indexes and individual securities which satisfy the criteria of the Barclays 2023 Maturity Corporate Index (the &#8220;Underlying Index&#8221;). The Fund invests in a combination of individual fixed-income securities and Underlying Funds (primarily consisting of other iShares funds) and may also invest in other exchange-traded funds (&#8220;ETFs&#8221;), U.S. government securities, short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (&#8220;BlackRock Cash Funds&#8221;). <br /><br />The Fund is a term fund that will terminate on or about March 31, 2023, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions. The Underlying Index is composed of U.S. dollar-denominated, taxable, investment-grade corporate bonds scheduled to mature after March 31, 2022 and before April 1, 2023. <br /><br />The Underlying Index includes U.S. dollar-denominated, investment-grade securities publicly issued by U.S. and non-U.S. corporate issuers, that have $250 million or more of outstanding face value at the time of inclusion. The non-U.S. corporate issuers included in the Underlying Index initially will consist primarily of corporate bonds issued by companies domiciled in developed countries. The Fund will invest in non-U.S. issuers to the extent necessary for it to track the Underlying Index. Each bond must be registered with the SEC, have been exempt from registration at issuance, or have been offered pursuant to Rule 144A under the Securities Act of 1933, as amended (&#8220;1933 Act&#8221;), with registration rights. In addition, to be included in the index, securities that are rated by all three of the rating agencies below must be rated &#8220;investment grade&#8221; by at least two of the agencies, as defined as Baa3 or higher by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or BBB- or higher by Standard &amp; Poor&#8217;s Ratings Services or Fitch, Inc. (&#8220;Fitch&#8221;). When ratings from only two of these agencies are available, the lower rating is used to determine eligibility. Securities with a rating from only one of the three ratings agencies must be rated investment grade or are excluded from the Underlying Index. <br /><br />The Underlying Index is constructed with the following methodology. A parent index, the Barclays U.S. Corporate Index, representing U.S. dollar-denominated, taxable, investment-grade corporate bonds, is stripped of securities maturing outside of the maturity range defined above. Securities are then market-cap weighted within the index, with a 3% cap on any one issuer, and a pro rata distribution of any excess weight across the remaining issuers in the index. The securities in the Underlying Index are updated on the last calendar day of each month until one year prior to March 31, 2023. During this final one year period, the Underlying Index will no longer be updated or rebalanced, except to remove securities which are downgraded below investment grade per the eligibility criteria described above. Additionally, during this period, existing bond weights will be allowed to float based on changes in market value. During the final two years of the Underlying Index, bonds which are screened from the parent index due to being within one year to maturity will be added back into the Underlying Index until such bonds reach maturity. <br /><br />When a bond that is included in the Underlying Index matures, its maturity value will be represented in the Underlying Index by cash throughout the remaining life of the Underlying Index. As the Fund approaches its termination date, its holdings of money market or similar funds may increase, either directly, or through its holdings of the Underlying Funds, causing the Fund to incur the fees and expenses of these funds. By March 31, 2023, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index. <br /><br />As of its inception date, the Fund intends to initially invest in the following Underlying Fund: iSharesBond 2023 Corporate ex-Financials Term ETF. <br /><br />BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. <br /><br />Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. <br /><br />BFA uses a representative sampling indexing strategy to manage the Fund or the Underlying Funds that are affiliated with BFA. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund or an Underlying Fund may or may not hold all of the securities in the Underlying Index. <br /><br />The Fund generally invests at least 80% of its assets in the securities of its Underlying Index through holding shares of one or more Underlying Funds and direct investments in securities, except during the last months of the Fund&#8217;s operations (as described below) the Fund&#8217;s assets will consist of cash and cash equivalents. The Fund may invest the remainder of its assets in cash and cash equivalents (including BlackRock Cash Funds), as well as in bonds not included in the Underlying Index, but which BFA believes will help the Fund track its Underlying Index. The Fund seeks to track the investment results of the Underlying Index before the fees and expenses of the Fund. In the last months of operation, as the bonds held by the Fund mature, the proceeds will not be reinvested by the Fund in bonds but instead will be held in cash and cash equivalents. By March 31, 2023, the Underlying Index is expected to consist almost entirely of cash earned in this manner. Around the same time, the Fund will wind up and terminate, and its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. <br /><br />The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). <br /><br />The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. or its affiliates (&#8220;Barclays&#8221;).<br /><br /><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.<b>Summary of Principal Risks</b><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk. </b>Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund or an Underlying Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund or an Underlying Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income.<br /><br /><b>Concentration Risk. </b>To the extent that the Fund&#8217;s or an Underlying Fund&#8217;s investments are concentrated in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that country, group of countries, region, market, industry, group of industries, sector or asset class.<br /><br /><b>Credit Risk. </b>The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Custody Risk. </b>Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br /><br /><b>Declining Yield Risk. </b>During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund or an Underlying Fund and lower than prevailing yields for bonds in the market.<br /><br /><b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Fluctuation of Yield and Liquidation Amount Risk. </b>The Fund and the Underlying Funds, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund and Underlying Funds distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#8217;s existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#8217;s and the Underlying Funds&#8217; portfolio, which will result in the Fund and Underlying Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund and Underlying Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund&#8217;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.<br /><br /><b>Income Risk. </b>The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund or Underlying Funds must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund&#8217;s income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br /><br /><b>Index-Related Risk. </b>There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br /><br /><b>Interest Rate Risk. </b>An increase in interest rates may cause the value of fixed-income securities held by the Fund or an Underlying Fund to decline.<br /><br /><b>Investment in Underlying Funds Risk.</b> The Fund will invest a substantial portion of its assets in one or more Underlying Funds, so the Fund&#8217;s investment performance is directly related to the performance of the Underlying Funds. The Fund&#8217;s NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying Funds. <br /><br />As the Underlying Funds, or the Fund&#8217;s allocations among the Underlying Funds, change from time to time, or to the extent that the expense ratio of any Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease. <br /><br />The Fund and Underlying Funds are specifically exposed to <b>Management Risk</b>, <b>Market Risk</b>, <b>Market Trading Risk</b>, <b>Passive Investment Risk</b>, <b>Tracking Error Risk </b>and <b>Valuation Risk</b>.<br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund or an Underlying Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Liquidity Risk. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund or an Underlying Fund may be unable to transact at advantageous times or prices.<br /><br /><b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br /><br /><b>Market Risk. </b>The Fund and Underlying Funds could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Model Risk. </b>Neither the Fund nor BFA can offer assurances that the Underlying Index&#8217;s allocation model will maximize returns or minimize risk, or be appropriate for every investor seeking a particular risk profile.<br /><br /><b>Non-Diversification Risk. </b>The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Issuers Risk. </b>The Fund or an Underlying Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.<br /><br /><b>North American Economic Risk. </b>The Fund or an Underlying Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure.<br /><br /><b>Passive Investment Risk. </b>The Fund and Underlying Funds are not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Privately-Issued Securities Risk. </b>The Fund or Underlying Funds will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br /><br /><b>Reinvestment Risk. </b>The Fund or an Underlying Fund that invests in short-term fixed-income instruments may be adversely affected if interest rates fall because it may invest in lower yielding bonds as bonds in the portfolio mature.<br /><br /><b>Reliance on Trading Partners Risk. </b>The Fund or an Underlying Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments.<br /><br /><b>Securities Lending Risk. </b>The Fund or the Underlying Funds may engage in securities lending. Securities lending involves the risk that the Fund or an Underlying Fund may lose money because the borrower of the Fund&#8217;s or Underlying Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund or an Underlying Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Tracking Error Risk. </b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b><br /><br /><b>U.S. Economic Risk. </b>The United States is a significant country in which the Fund or the Underlying Funds invest, and a significant trading partner of countries in which the Fund or the Underlying Funds invest. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund or the Underlying Funds invest.<br /><br /><b>Utilities Sector Risk. </b>The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<br /><br /><b>Valuation Risk. </b>Because the bond market may be open on days when the Fund or an Underlying Fund does not price its shares, the value of the securities in the Fund&#8217;s or an Underlying Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.<b>Summary of Principal Risks</b>As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br /><br /><b>Asset Class Risk. </b>Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br /><br /><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund or an Underlying Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund or an Underlying Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income.<br /><br /><b>Concentration Risk. </b>To the extent that the Fund&#8217;s or an Underlying Fund&#8217;s investments are concentrated in a particular country, group of countries, region, market, industry, group of industries, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that country, group of countries, region, market, industry, group of industries, sector or asset class.<br /><br /><b>Credit Risk. </b>The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.<br /><br /><b>Custody Risk. </b>Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories.<br /><br /><b>Declining Yield Risk. </b>During the twelve months prior to the Fund&#8217;s planned termination date, its yield will generally tend to move toward prevailing money market rates, and may be lower than the yields of the bonds previously held by the Fund or an Underlying Fund and lower than prevailing yields for bonds in the market.<br /><br /><b>Financial Sector Risk. </b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br /><br /><b>Fluctuation of Yield and Liquidation Amount Risk. </b>The Fund and the Underlying Funds, unlike a direct investment in a bond that has a level coupon payment and a fixed payment at maturity, will make distributions of income that vary over time. It is expected that an investment in the Fund, if held through maturity, will produce aggregate returns comparable to a direct investment in a group of bonds of similar credit quality and maturity. Unlike a direct investment in bonds, the breakdown of returns between Fund and Underlying Funds distributions and liquidation proceeds are not predictable at the time of your investment. For example, at times during the Fund&#8217;s existence it may make distributions at a greater (or lesser) rate than the coupon payments received on the Fund&#8217;s and the Underlying Funds&#8217; portfolio, which will result in the Fund and Underlying Fund returning a lesser (or greater) amount on liquidation than would otherwise be the case. The rate of Fund and Underlying Fund distribution payments may adversely affect the tax characterization of your returns from an investment in the Fund relative to a direct investment in bonds. If the amount you receive as liquidation proceeds upon the Fund&#8217;s termination is higher or lower than your cost basis, you may experience a gain or loss for tax purposes.<br /><br /><b>Income Risk.</b> The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund or Underlying Funds must invest in lower-yielding instruments as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. As the Fund does not seek to return any predetermined amount at maturity or in periodic distributions, the amount of income generated by the Fund may vary. In addition, the Fund&#8217;s income is expected to decline in the months leading up to its maturity date because it will hold primarily cash and cash equivalents.<br /><br /><b>Index-Related Risk.</b> There is no guarantee that the Fund will achieve a high degree of correlation to the Underlying Index and therefore achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund&#8217;s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data may occur from time to time and may not be identified and corrected for a period of time, and may have an adverse impact on the Fund and its Shareholders.<br /><br /><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br /><br /><b>Interest Rate Risk. </b>An increase in interest rates may cause the value of fixed-income securities held by the Fund or an Underlying Fund to decline.<br /><br /><b>Investment in Underlying Funds Risk.</b> The Fund will invest a substantial portion of its assets in one or more <br /><br />Underlying Funds, so the Fund&#8217;s investment performance is directly related to the performance of the Underlying Funds. The Fund&#8217;s NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests. An investment in the Fund will entail more direct and indirect costs and expenses than a direct investment in the Underlying Funds. <br /><br />As the Underlying Funds, or the Fund&#8217;s allocations among the Underlying Funds, change from time to time, or to the extent that the expense ratio of any Underlying Fund changes, the weighted average operating expenses borne by the Fund may increase or decrease. <br /><br />The Fund and Underlying Funds are specifically exposed to Management Risk, <b>Market Risk</b>, <b>Market Trading Risk</b>, <b>Passive Investment Risk</b>, <b>Tracking Error Risk </b>and <b>Valuation Risk</b>. <br /><br /><b>Issuer Risk.</b> Fund performance depends on the performance of individual securities to which the Fund or an Underlying Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br /><br /><b>Liquidity Risk. </b>Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund or an Underlying Fund may be unable to transact at advantageous times or prices.<br /><br /><b>Management Risk. </b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br /><br /><b>Market Risk. </b>The Fund and Underlying Funds could lose money over short periods due to short-term market movements and over longer periods during market downturns.<br /><br /><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br /><br /><b>Model Risk. </b>Neither the Fund nor BFA can offer assurances that the Underlying Index&#8217;s allocation model will maximize returns or minimize risk, or be appropriate for every investor seeking a particular risk profile.<br /><br /><b>Non-Diversification Risk.</b> The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<br /><br /><b>Non-U.S. Issuers Risk.</b> The Fund or an Underlying Fund may invest in U.S. dollar-denominated bonds of non-U.S. corporations. Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital.<br /><br /><b>North American Economic Risk. </b>The Fund or an Underlying Fund will invest in issuers located in the United States and may invest in issuers located in other North American countries. Economic events in any one North American country can have a significant economic effect on U.S. issuers, and on some or all of the issuers to which the Fund has exposure.<br /><br /><b>Passive Investment Risk. </b>The Fund and Underlying Funds are not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br /><br /><b>Privately-Issued Securities Risk.</b> The Fund or Underlying Funds will invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the 1933 Act. Privately-issued securities are securities that have not been registered under the 1933 Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund.<br /><br /><b>Reinvestment Risk.</b> The Fund or an Underlying Fund that invests in short-term fixed-income instruments may be adversely affected if interest rates fall because it may invest in lower yielding bonds as bonds in the portfolio mature.<br /><br /><b>Reliance on Trading Partners Risk.</b> The Fund or an Underlying Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments.<br /><br /><b>Securities Lending Risk. </b>The Fund or the Underlying Funds may engage in securities lending. Securities lending involves the risk that the Fund or an Underlying Fund may lose money because the borrower of the Fund&#8217;s or Underlying Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund or an Underlying Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br /><br /><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities held in the Fund&#8217;s portfolio and those included in the Underlying Index, pricing differences, transaction costs, the Fund&#8217;s holding of cash, differences in timing of the accrual of distributions, changes to the Underlying Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. <b>BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR UNTIL THE FUND REACHES SUFFICIENT SCALE AND FURTHER BROADENS ITS HOLDINGS.</b><br /><br /><b>U.S. Economic Risk.</b> The United States is a significant country in which the Fund or the Underlying Funds invest, and a significant trading partner of countries in which the Fund or the Underlying Funds invest. Certain changes in the U.S. economy may have an adverse effect on countries in which the Fund or the Underlying Funds invest.<br /><br /><b>Utilities Sector Risk. </b>The utilities sector is subject to significant government regulation and oversight. Companies in the utilities sector may be adversely affected due to increases in fuel and operating costs, rising costs of financing capital construction and the cost of complying with U.S. federal and state regulations, among other factors.<br /><br /><b>Valuation Risk. </b>Because the bond market may be open on days when the Fund or an Underlying Fund does not price its shares, the value of the securities in the Fund&#8217;s or an Underlying Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.<b>Non-Diversification Risk. </b>The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.<b>Performance Information</b><b>Performance Information</b>As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.As of the date of the Prospectus, the Fund has been in operation for less than one full calendar year and therefore does not report its performance information.<b>Non-Diversification Risk.</b> The Fund or an Underlying Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.As the Fund has not commenced operations prior to the date of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;), Acquired Fund Fees and Expenses are based on an estimate of the Fund&#8217;s allocation to other investment companies for the current fiscal year.Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and will not be included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Prospectus.<b>Non-Diversification Risk.</b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may depend on the performance of a small number of issuers.You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows:<b>Industry Concentration Policy.</b> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.0.0025000.00250.10.080.00200.0012000.00120.310.022-0.00360.04310.0220.002000.0020.03280.02690.02450.03490.0240.01430.01830.02200.0020.0820.02640.00310.1144-0.02530.11370.0610.1340.0680.0680.05970.04410.06980.06890.05520.05090.07040.06330.04860.04560.06500.0563-0.03620.004000.0040.0950.0950.08670.06150.10230.06810.060.05320.07470.0353-0.00810.0015000.00150.180.003000.0030.0025000.00070.0032-0.00070.00250.050.002000.00212.530.0030.0030.0030000000.0030.0030.0030.080.180.1410.130.09960.1-0.04940.011-0.03140.01740.00150.005500000.00550.00150.0035000.00350.01740.0120.01130.0220.02440.01720.01670.02950.04090.04090.03710.02650.0390.01340.01020.00950.01530.001000.0010.150.02090.00340.001000.0010.20.004000.0040.006000.0060.13090.13090.12050.08480.13890.04490.03490.03230.04890.001000.0010.380.0606-0.02280.0010.48-0.118100.2720.11470.0720.17640.1141-0.04210.0121-0.00270.07400.00030.0013-0.00030.17640.15840.11380.18620.09540.07530.06960.10350.09590.07590.07010.10420.0035000.00350.0010.0740.06590.04790.07960.03980.04930.03660.05490.001000.0010.30.001000.00030.0013-0.00030.0010.1104-0.0580.0010.00100000.00030.00030.00130.0013-0.0003-0.00030.0010.001After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.Formerly, Barclays Capital U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L).Formerly, Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L).The expense information in the table has been restated, as of the Fund's most recent fiscal year end, to reflect current fees. Formerly, Barclays Capital US Floating Rate Note < 5 Years Index.BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investments in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2018. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund's investments in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2016. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund's investments in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2020. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.BFA, the investment adviser to the Fund, has contractually agreed to waive its management fees in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund's investments in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about March 31, 2023. The contractual waiver may be terminated prior to the Fund's termination only upon the written agreement of the Trust and BFA.EX-101.SCH
3
ist2-20130701.xsd
XBRL TAXONOMY EXTENSION SCHEMA
000000 - Document - Document and Entity Information {Elements}link:presentationLinklink:calculationLinklink:definitionLink000011 - Document - Risk/Return Summary {Unlabeled} - iShares 0-5 Year TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000012 - Schedule - Shareholder Fees {- iShares 0-5 Year TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000013 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares 0-5 Year TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000013 - Schedule - Annual Operating Expenses {- iShares 0-5 Year TIPS Bond ETF}link:calculationLinklink:presentationLinklink:definitionLink000014 - Schedule - Expense Example {Transposed} {- iShares 0-5 Year TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000015 - Schedule - Expense Example, No Redemption {Transposed} {- iShares 0-5 Year TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000016 - Schedule - Annual Total Returns - iShares 0-5 Year TIPS Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000017 - Schedule - Average Annual Total Returns {Transposed} {- iShares 0-5 Year TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000018 - Document - Risk/Return Detail {Unlabeled} - iShares 0-5 Year TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000019 - Disclosure - Risk/Return Detail Data {Elements} - iShares 0-5 Year TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000021 - Document - Risk/Return Summary {Unlabeled} - iShares CMBS ETFlink:presentationLinklink:calculationLinklink:definitionLink000022 - Schedule - Shareholder Fees {- iShares CMBS ETF}link:presentationLinklink:calculationLinklink:definitionLink000023 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares CMBS ETF}link:presentationLinklink:calculationLinklink:definitionLink000024 - Schedule - Expense Example {Transposed} {- iShares CMBS ETF}link:presentationLinklink:calculationLinklink:definitionLink000025 - Schedule - Expense Example, No Redemption {Transposed} {- iShares CMBS ETF}link:presentationLinklink:calculationLinklink:definitionLink000026 - Schedule - Annual Total Returns - iShares CMBS ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000027 - Schedule - Average Annual Total Returns {Transposed} {- iShares CMBS ETF}link:presentationLinklink:calculationLinklink:definitionLink000028 - Document - Risk/Return Detail {Unlabeled} - iShares CMBS ETFlink:presentationLinklink:calculationLinklink:definitionLink000029 - Disclosure - Risk/Return Detail Data {Elements} - iShares CMBS ETFlink:presentationLinklink:calculationLinklink:definitionLink000031 - Document - Risk/Return Summary {Unlabeled} - iShares GNMA Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000032 - Schedule - Shareholder Fees {- iShares GNMA Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000033 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares GNMA Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000034 - Schedule - Expense Example {Transposed} {- iShares GNMA Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000035 - Schedule - Expense Example, No Redemption {Transposed} {- iShares GNMA Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000036 - Schedule - Annual Total Returns - iShares GNMA Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000037 - Schedule - Average Annual Total Returns {Transposed} {- iShares GNMA Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000038 - Document - Risk/Return Detail {Unlabeled} - iShares GNMA Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000039 - Disclosure - Risk/Return Detail Data {Elements} - iShares GNMA Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000041 - Document - Risk/Return Summary {Unlabeled} - iShares TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000042 - Schedule - Shareholder Fees {- iShares TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000043 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000044 - Schedule - Expense Example {Transposed} {- iShares TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000045 - Schedule - Expense Example, No Redemption {Transposed} {- iShares TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000046 - Schedule - Annual Total Returns - iShares TIPS Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000047 - Schedule - Average Annual Total Returns {Transposed} {- iShares TIPS Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000048 - Document - Risk/Return Detail {Unlabeled} - iShares TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000049 - Disclosure - Risk/Return Detail Data {Elements} - iShares TIPS Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000051 - Document - Risk/Return Summary {Unlabeled} - iShares U.S. Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000052 - Schedule - Shareholder Fees {- iShares U.S. Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000053 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares U.S. Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000054 - Schedule - Expense Example {Transposed} {- iShares U.S. Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000055 - Schedule - Expense Example, No Redemption {Transposed} {- iShares U.S. Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000056 - Schedule - Annual Total Returns - iShares U.S. Treasury Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000057 - Schedule - Average Annual Total Returns {Transposed} {- iShares U.S. Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000058 - Document - Risk/Return Detail {Unlabeled} - iShares U.S. Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000059 - Disclosure - Risk/Return Detail Data {Elements} - iShares U.S. Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000061 - Document - Risk/Return Summary {Unlabeled} - iShares Core Short-Term U.S. Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000062 - Schedule - Shareholder Fees {- iShares Core Short-Term U.S. Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000063 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Core Short-Term U.S. Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000064 - Schedule - Expense Example {Transposed} {- iShares Core Short-Term U.S. Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000065 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Core Short-Term U.S. Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000066 - Schedule - Annual Total Returns - iShares Core Short-Term U.S. Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000067 - Schedule - Average Annual Total Returns {Transposed} {- iShares Core Short-Term U.S. Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000068 - Document - Risk/Return Detail {Unlabeled} - iShares Core Short-Term U.S. Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000069 - Disclosure - Risk/Return Detail Data {Elements} - iShares Core Short-Term U.S. Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000071 - Document - Risk/Return Summary {Unlabeled} - iShares Floating Rate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000072 - Schedule - Shareholder Fees {- iShares Floating Rate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000073 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Floating Rate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000074 - Schedule - Expense Example {Transposed} {- iShares Floating Rate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000075 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Floating Rate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000076 - Schedule - Annual Total Returns - iShares Floating Rate Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000077 - Schedule - Average Annual Total Returns {Transposed} {- iShares Floating Rate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000078 - Document - Risk/Return Detail {Unlabeled} - iShares Floating Rate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000079 - Disclosure - Risk/Return Detail Data {Elements} - iShares Floating Rate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000081 - Document - Risk/Return Summary {Unlabeled} - iShares Global Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000082 - Schedule - Shareholder Fees {- iShares Global Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000083 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Global Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000084 - Schedule - Expense Example {Transposed} {- iShares Global Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000085 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Global Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000086 - Schedule - Annual Total Returns - iShares Global Inflation-Linked Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000087 - Schedule - Average Annual Total Returns {Transposed} {- iShares Global Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000088 - Document - Risk/Return Detail {Unlabeled} - iShares Global Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000089 - Disclosure - Risk/Return Detail Data {Elements} - iShares Global Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000091 - Document - Risk/Return Summary {Unlabeled} - iShares International Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000092 - Schedule - Shareholder Fees {- iShares International Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000093 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares International Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000094 - Schedule - Expense Example {Transposed} {- iShares International Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000095 - Schedule - Expense Example, No Redemption {Transposed} {- iShares International Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000096 - Schedule - Annual Total Returns - iShares International Inflation-Linked Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000097 - Schedule - Average Annual Total Returns {Transposed} {- iShares International Inflation-Linked Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000098 - Document - Risk/Return Detail {Unlabeled} - iShares International Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000099 - Disclosure - Risk/Return Detail Data {Elements} - iShares International Inflation-Linked Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000101 - Document - Risk/Return Summary {Unlabeled} - iShares Aaa - A Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000102 - Schedule - Shareholder Fees {- iShares Aaa - A Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000103 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Aaa - A Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000104 - Schedule - Expense Example {Transposed} {- iShares Aaa - A Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000105 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Aaa - A Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000106 - Schedule - Annual Total Returns - iShares Aaa - A Rated Corporate Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000107 - Schedule - Average Annual Total Returns {Transposed} {- iShares Aaa - A Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000108 - Document - Risk/Return Detail {Unlabeled} - iShares Aaa - A Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000109 - Disclosure - Risk/Return Detail Data {Elements} - iShares Aaa - A Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000111 - Document - Risk/Return Summary {Unlabeled} - iShares B - Ca Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000112 - Schedule - Shareholder Fees {- iShares B - Ca Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000113 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares B - Ca Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000114 - Schedule - Expense Example {Transposed} {- iShares B - Ca Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000115 - Schedule - Expense Example, No Redemption {Transposed} {- iShares B - Ca Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000116 - Schedule - Annual Total Returns - iShares B - Ca Rated Corporate Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000117 - Schedule - Average Annual Total Returns {Transposed} {- iShares B - Ca Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000118 - Document - Risk/Return Detail {Unlabeled} - iShares B - Ca Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000119 - Disclosure - Risk/Return Detail Data {Elements} - iShares B - Ca Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000121 - Document - Risk/Return Summary {Unlabeled} - iShares Baa - Ba Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000122 - Schedule - Shareholder Fees {- iShares Baa - Ba Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000123 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Baa - Ba Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000124 - Schedule - Expense Example {Transposed} {- iShares Baa - Ba Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000125 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Baa - Ba Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000126 - Schedule - Annual Total Returns - iShares Baa - Ba Rated Corporate Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000127 - Schedule - Average Annual Total Returns {Transposed} {- iShares Baa - Ba Rated Corporate Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000128 - Document - Risk/Return Detail {Unlabeled} - iShares Baa - Ba Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000129 - Disclosure - Risk/Return Detail Data {Elements} - iShares Baa - Ba Rated Corporate Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000131 - Document - Risk/Return Summary {Unlabeled} - iShares Financials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000132 - Schedule - Shareholder Fees {- iShares Financials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000133 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Financials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000134 - Schedule - Expense Example {Transposed} {- iShares Financials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000135 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Financials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000136 - Schedule - Annual Total Returns - iShares Financials Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000137 - Schedule - Average Annual Total Returns {Transposed} {- iShares Financials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000138 - Document - Risk/Return Detail {Unlabeled} - iShares Financials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000139 - Disclosure - Risk/Return Detail Data {Elements} - iShares Financials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000141 - Document - Risk/Return Summary {Unlabeled} - iShares Industrials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000142 - Schedule - Shareholder Fees {- iShares Industrials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000143 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Industrials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000144 - Schedule - Expense Example {Transposed} {- iShares Industrials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000145 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Industrials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000146 - Schedule - Annual Total Returns - iShares Industrials Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000147 - Schedule - Average Annual Total Returns {Transposed} {- iShares Industrials Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000148 - Document - Risk/Return Detail {Unlabeled} - iShares Industrials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000149 - Disclosure - Risk/Return Detail Data {Elements} - iShares Industrials Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000151 - Document - Risk/Return Summary {Unlabeled} - iShares Utilities Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000152 - Schedule - Shareholder Fees {- iShares Utilities Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000153 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares Utilities Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000154 - Schedule - Expense Example {Transposed} {- iShares Utilities Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000155 - Schedule - Expense Example, No Redemption {Transposed} {- iShares Utilities Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000156 - Schedule - Annual Total Returns - iShares Utilities Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000157 - Schedule - Average Annual Total Returns {Transposed} {- iShares Utilities Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000158 - Document - Risk/Return Detail {Unlabeled} - iShares Utilities Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000159 - Disclosure - Risk/Return Detail Data {Elements} - iShares Utilities Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000161 - Document - Risk/Return Summary {Unlabeled} - iShares J.P. Morgan USD Emerging Markets Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000162 - Schedule - Shareholder Fees {- iShares J.P. Morgan USD Emerging Markets Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000163 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares J.P. Morgan USD Emerging Markets Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000164 - Schedule - Expense Example {Transposed} {- iShares J.P. Morgan USD Emerging Markets Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000165 - Schedule - Expense Example, No Redemption {Transposed} {- iShares J.P. Morgan USD Emerging Markets Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000166 - Schedule - Annual Total Returns - iShares J.P. Morgan USD Emerging Markets Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000167 - Schedule - Average Annual Total Returns {Transposed} {- iShares J.P. Morgan USD Emerging Markets Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000168 - Document - Risk/Return Detail {Unlabeled} - iShares J.P. Morgan USD Emerging Markets Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000169 - Disclosure - Risk/Return Detail Data {Elements} - iShares J.P. Morgan USD Emerging Markets Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000171 - Document - Risk/Return Summary {Unlabeled} - iShares 1-3 Year International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000172 - Schedule - Shareholder Fees {- iShares 1-3 Year International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000173 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares 1-3 Year International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000174 - Schedule - Expense Example {Transposed} {- iShares 1-3 Year International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000175 - Schedule - Expense Example, No Redemption {Transposed} {- iShares 1-3 Year International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000176 - Schedule - Annual Total Returns - iShares 1-3 Year International Treasury Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000177 - Schedule - Average Annual Total Returns {Transposed} {- iShares 1-3 Year International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000178 - Document - Risk/Return Detail {Unlabeled} - iShares 1-3 Year International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000179 - Disclosure - Risk/Return Detail Data {Elements} - iShares 1-3 Year International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000181 - Document - Risk/Return Summary {Unlabeled} - iShares International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000182 - Schedule - Shareholder Fees {- iShares International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000183 - Schedule - Annual Fund Operating Expenses {Transposed} {- iShares International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000184 - Schedule - Expense Example {Transposed} {- iShares International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000185 - Schedule - Expense Example, No Redemption {Transposed} {- iShares International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000186 - Schedule - Annual Total Returns - iShares International Treasury Bond ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000187 - Schedule - Average Annual Total Returns {Transposed} {- iShares International Treasury Bond ETF}link:presentationLinklink:calculationLinklink:definitionLink000188 - Document - Risk/Return Detail {Unlabeled} - iShares International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000189 - Disclosure - Risk/Return Detail Data {Elements} - iShares International Treasury Bond ETFlink:presentationLinklink:calculationLinklink:definitionLink000191 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2016 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000192 - Schedule - Shareholder Fees {- iSharesBond 2016 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000193 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2016 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000194 - Schedule - Expense Example {Transposed} {- iSharesBond 2016 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000195 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2016 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000196 - Schedule - Annual Total Returns - iSharesBond 2016 Corporate ex-Financials Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000197 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2016 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000198 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2016 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000199 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2016 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000201 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2018 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000202 - Schedule - Shareholder Fees {- iSharesBond 2018 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000203 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2018 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000204 - Schedule - Expense Example {Transposed} {- iSharesBond 2018 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000205 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2018 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000206 - Schedule - Annual Total Returns - iSharesBond 2018 Corporate ex-Financials Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000207 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2018 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000208 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2018 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000209 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2018 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000211 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2020 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000212 - Schedule - Shareholder Fees {- iSharesBond 2020 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000213 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2020 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000214 - Schedule - Expense Example {Transposed} {- iSharesBond 2020 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000215 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2020 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000216 - Schedule - Annual Total Returns - iSharesBond 2020 Corporate ex-Financials Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000217 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2020 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000218 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2020 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000219 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2020 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000221 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2023 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000222 - Schedule - Shareholder Fees {- iSharesBond 2023 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000223 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2023 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000224 - Schedule - Expense Example {Transposed} {- iSharesBond 2023 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000225 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2023 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000226 - Schedule - Annual Total Returns - iSharesBond 2023 Corporate ex-Financials Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000227 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2023 Corporate ex-Financials Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000228 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2023 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000229 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2023 Corporate ex-Financials Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000231 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2016 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000232 - Schedule - Shareholder Fees {- iSharesBond 2016 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000233 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2016 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000234 - Schedule - Expense Example {Transposed} {- iSharesBond 2016 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000235 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2016 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000236 - Schedule - Annual Total Returns - iSharesBond 2016 Corporate Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000237 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2016 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000238 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2016 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000239 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2016 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000241 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2018 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000242 - Schedule - Shareholder Fees {- iSharesBond 2018 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000243 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2018 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000244 - Schedule - Expense Example {Transposed} {- iSharesBond 2018 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000245 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2018 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000246 - Schedule - Annual Total Returns - iSharesBond 2018 Corporate Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000247 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2018 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000248 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2018 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000249 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2018 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000251 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2020 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000252 - Schedule - Shareholder Fees {- iSharesBond 2020 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000253 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2020 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000254 - Schedule - Expense Example {Transposed} {- iSharesBond 2020 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000255 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2020 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000256 - Schedule - Annual Total Returns - iSharesBond 2020 Corporate Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000257 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2020 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000258 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2020 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000259 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2020 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000261 - Document - Risk/Return Summary {Unlabeled} - iSharesBond 2023 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000262 - Schedule - Shareholder Fees {- iSharesBond 2023 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000263 - Schedule - Annual Fund Operating Expenses {Transposed} {- iSharesBond 2023 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000264 - Schedule - Expense Example {Transposed} {- iSharesBond 2023 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000265 - Schedule - Expense Example, No Redemption {Transposed} {- iSharesBond 2023 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000266 - Schedule - Annual Total Returns - iSharesBond 2023 Corporate Term ETF [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000267 - Schedule - Average Annual Total Returns {Transposed} {- iSharesBond 2023 Corporate Term ETF}link:presentationLinklink:calculationLinklink:definitionLink000268 - Document - Risk/Return Detail {Unlabeled} - iSharesBond 2023 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLink000269 - Disclosure - Risk/Return Detail Data {Elements} - iSharesBond 2023 Corporate Term ETFlink:presentationLinklink:calculationLinklink:definitionLinkEX-101.CAL
4
ist2-20130701_cal.xml
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF
5
ist2-20130701_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE